Foreign funds eye stake in Sanghi
MUMBAI: European banking major Deutsche Bank’s Singapore-based private equity fund and GE Capital are in the fray to pick up about 30% stake in the Gujarat-based cement major Sanghi Industries.
As part of the company’s corporate debt restructuring (CDR) package, either of the two could pump in about Rs 850 crore in the cement company.
The money to be pumped in by the foreign entity will replace the principal amount of the existing exposure of Rs 1,450 crore debt.
The debt accrued due to delay in commissioning project coupled with the cement industry went through a crisis in the late 90’s and early 2000.
With cement industry clocking a 8% growth and prices firming up (Rs 140 per bag in 2000 to Rs 190 now) the foreign players are flocking to the cement companies.
The interest is also attributed to removal of supply demand gap with no significant additional cement capacity expansion.
SOURCE:THE TIMES OF INDIA
THE Income-Tax Department conducted search operations in two major pharmaceutical companies and a bakery chain. The pharma majors are Cipla Read more
INCOME-TAX authorities today raided the premises of Great Eastern Shipping Company, Ipca Laboratories and RNA Builders. Altogether, 40 premises have Read more
LONDON: A Non-Resident Indian plastic surgeon, who falsely claimed that his sister and uncle were killed in the September 11 Read more
NEW DELHI: San Francisco-based Farallon Capital Management, L.L.C. has invested Rs 88 crore for 33.3% stake in Indiabulls Credit Services Read more
