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Asahi to pump Rs 190 m in Indian venture - Views on News from Equitymaster
 
 
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  • Oct 20, 1999

    Asahi to pump Rs 190 m in Indian venture

    According to news reports, Asahi of Japan is injecting Rs 190 m in its ailing Indian venture - Floatglass India Ltd.

    Floatglass India is currently under the purview of BIFR (Board for Industrial and Financial Reconstruction) as more than 50% of its networth has been eroded.

    Floatglass will issue 10% cumulative redeemable preference shares of Rs 100 each to Asahi. The proposal has been cleared by the Foreign Investment Promotion Board (FIPB).

    There is no information on how the company plans to utilise the additional funds invested by Asahi. Therefore it is premature to comment on how this could affect the company's fortunes. In all likelihood, the company will have reworked the payment schedule for its creditors, and will use the additional funds to revive some projects that were shelved in the past.

     

     

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