APOLLO TYRES-FI DEAL TO DECIDE FATE OF GPEL

Article Abstract:

The Board of Industrial and Financial Reconstruction has stated that it may consider a change in management of the ailing Gujarat Perstorp Electronics Ltd (GPEL) if the company's promoter - Apollo Tyres Ltd and financial institutions (FIs) cannot arrive at a suitable scheme to revive the company. The board has ordered GPEL and Apollo Tyres to convince banks and FIs about the viability of their revival proposal. In the latest revival proposal submitted in October 1998 Apollo Tyres has offered to pay the entire principal amount, 25 percent of simple interest and 100 percent of the Exchange Risk Administration Scheme as on March 31, 1999. It has also guaranteed GPEL's loans and stated that its commitment in GPEL would be Rs42 crore. (khr)

Comment:

The Board of Industrial and Financial Reconstruction has stated that it may consider a change in management of the ailing Gujarat Perstorp Electronics Ltd (GPEL) if the company's promoter - Apollo Tyres Ltd and financial institutions (FIs) cannot arrive at a suitable scheme to revive the company.

Organizational history, Other Electrical Equipment and Component Manufacturing, Electronics, Electronic Components and Accessories, Stockholder data, Tires and inner tubes, Gujarat Perstorp Electronics Ltd.

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APOLLO TYRES LTD

Article Abstract:

Apollo Tyres Ltd of Kochi has published its unaudited financial results for the quarter ended December 31, 1998. Its plant at Perambra plant was under lockout from April 10, 1998, to July 18, 1998, due to an agitation by the workers during the 9 months ended December 31, 1998. (um) (kvr)

Personnel administration

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