Jun 15, 1999|
GE to buy out IPCL's stake in JV
General Electric (GE) International has proposed to buy out IPCL's stake
in GE Plastics - a 50% JV between the two companies.
Chairmen from both companies confirmed the move. However Mr. Ramanathan,
chairman IPCL, informed the Economic Times that IPCL has not yet taken
decision on the issue. `The GE proposal has been forwarded to the
industry ministry for consideration', he said.
GE Plastics was floated in 1991 for manufacturing polycarbonate and
engineering plastics. Since the past two years, the company was hit by
the global downtrend in polycarbonate prices. The company incurred
losses of Rs 140 m and Rs 90 m in FY98 and FY99 respectively. However
with a focus on production and support from its parent, it is expected
to break even in the current year.
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