ANUBHAV TO SELL HARVESTED TEAK TO REPAY DEPOSITS

Article Abstract:

Anubhav Plantations Ltd (APL) of Chennai is facing a financial crisis. It proposes to sell its harvested teak to repay the deposits of the public. APL hopes to raise about Rs100 crore through harvesting its teak plantations in December 1998. The Anubhav group's assets are worth Rs750 crore and liabilities Rs206 crore. The group also plans to raise funds either by mortgaging or selling a portion of its 3,000 acres of land. APL has claimed that its financial crunch was due to the new norms of the Securities and Exchange Board of India (SEBI) which have prevented it from netting funds through the public without possessing a rating. APL has been rated below the investment grade. (gs)

Wood & Wood Products, Wood Product Manufacturing, Anubhav Plantations Ltd.

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INDAL TO SELL ELECTRONICS ARM TO AUSTRIAN CO

Article Abstract:

Indian Aluminium Company (Indal) plans to sell its subsidiary, Indal Electronics Ltd (IEL) to Austria Technologie & Systemtechnik of Austria. The deal is estimated to cost Rs50 crore. Currently, Indal is awaiting the approval of the regulatory authorities for sale. It plans to sell its entire stake in IEL. The move will enable Indal to secure all the sale proceeds in the form of cash. IEL manufactures printed circuit boards. It has set up a production unit at Nanjangud in Karnataka. As on March 1998, IEL's networth was around Rs52 crore. (ag)

Comment:

Indian Aluminium Company (Indal) plans to sell its subsidiary, Indal Electronics Ltd (IEL) to Austria Technologie & Systemtechnik of Austria.

Acquisitions & mergers, Printed Circuit Assembly (Electronic Assembly) Manufacturing, Printed Circuit Boards, Austria Technologie Systemtechnik AG, Indal Electronics

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