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EDAL acquires stake in India Foils
20 Nov 2008
According to the firm, it will invest the money in IFL by internal accruals, which will make it a subsidiary.
EDAL stated that the acquisition will increase its capacity from the existing 18,000 tonnes to 37,000 tonnes spread across five manufacturing facilities in India.
The move will make it the largest pharmaceutical foil manufacturing company in the region.
Sudip Dutta, EDAL chairman and managing director, said: "EDAL and Vedanta group entity, Madras Aluminium Company, have joined hands to revive India Foils."
"As a part of the rehabilitation plan, we both partners will infuse about Rs 261 crore in India Foils in the form of equity and preferential shares to repay all existing lenders of IFL, thus making it debt-free," he added.
Meanwhile, Corus, a subsidiary of the India-based Tata Group is in talks to sell a number of aluminium smelters.
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