Financial Daily from THE HINDU group of publications
Thursday, Sep 25, 2003
Financial Daily from THE HINDU group of publications Thursday, Sep 25, 2003 |
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Corporate
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Mergers & Acquisitions Jindal board okays proposal to buy French company Our Bureau
New Delhi, Sept. 24 IN a move that would signal its foray into the polyester film based coating business, the board of directors of the Rs 500-crore Jindal Polyester Ltd (JPL) has approved a proposal to acquire the Lyon (France)-based `Rexor'. Rexor is a company that is primarily engaged in polyester film-based metallising, PVDC coating, silicon coating and hot stamping foil coating businesses. Informed sources said that Rexor registered a turnover of about euro 28 million in 2002. They also held that the acquisition, which is subject to approval of the Reserve Bank of India (RBI), would help JPL in increasing presence in the European markets. "We are already exporting about 15,000 tonnes of polyester films valued at euro 25 million to the European market. This acquisition would help us in tapping the ready market for our products without having to rely on exports from here," sources said. JPL informed the BSE that the company would approach the RBI to obtain permission for investing euro 3.66 million in a special purpose vehicle (SPV) company, which will in turn invest in Rexor.
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