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GE to buy out IPCL's stake in JV - Views on News from Equitymaster
 
 
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  • 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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