ANDREW YULE TO HIVE OFF BELTING UNIT TO GERMAN MAJOR AS JV

Article Abstract:

Andrew Yule & Company (AYCL) plans to spin-off its ailing belting division into a joint venture with Phoenix AG of Germany. Phoenix is expected to pick up a stake of 74 percent in the new joint venture company and exercise management control. The remaining stake will be with AYCL. The joint venture company will manufacture and market steel chord conveyor belts under the brand name of Yule Steelcords. The German company is set to become a dominant player in the market as it has already acquired the belting division of the sick Tyre Corporation of India Ltd. (gsh)

Comment:

Andrew Yule plans to spin-off belting div into JV w/ firm from Germany where it is expected to pick up stake of 74% in new JV co

Germany, Rubber and Plastics Hoses and Belting Manufacturing, Flat Conveyor Belting, Conveyor belting, Andrew Yule and Co., Phoenix AG

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RPG TO SELL 50% IN BENNINGER INDIA TO FOREIGN PARTNER

Article Abstract:

The RPG group plans to divest its 50 percent stake held in the textile machinery joint venture, Benninger India Ltd (BIL) to its foreign partner, Benninger Textile Company (BTC). The RPG group's decision is a part of its strategy to exit non-core businesses and concentrate on core areas like power, telecom and tyres. BTC will increase its stake in BIL to 100 percent at an investment of Rs4 crore and convert it into a wholly-owned subsidiary. (khr)

Textile & Apparel Machinery, Textile Machinery Manufacturing, Textile machinery industry, RPG Group, Benninger Corp., Benninger India Ltd.

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MUSCO TO HIVE OFF STEEL INTO SEPARATE CO

Article Abstract:

Mahindra Ugine Steel Co (Musco) will be spinning off its speciality steel division into a new joint venture with Sidenor of USA. It is now trying to bring in Uddeholm of Sweden as a third party into the new venture. Sidenor recently completed a due diligence report of the speciality steel division of Musco. Musco is optimistic about the joint venture as this will to enable it to meet the needs of the South Asian market. (ag)

Comment:

Mahindra Ugine Steel will be spinning off its speciality steel division into a new joint venture with company, India

Secondary Smelting, Refining, and Alloying of Nonferrous Metal (except Copper and Aluminum), Specialty Metals & Composites, Specialty metals industry, Mahindra Ugine Steel Co., Sidenor

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