In addition, according to company sources, over Rs 9 crore can be realised from bought-out deals entered into by group company Jain Securities International. A company source said the total amount invested in bought-out deals can be recovered because the assisted firms are profit-making units.

The company hopes to realise at least Rs 20 crore from its granite mining and processing facility, and around Rs 3 crore from Pixel Point Ltd, which is into graphics, animation, multimedia and TV servicing.

The group is also pulling out of information technology and telecom divisions. The telecoms division was sold last year for Rs 3.11 crore. The infotech division, which makes banking software and enterprise resource planning (ERP)solutions, has been retained for disposal at a later stage.

The company's surplus real estate consists of owned/tenancy office premises at Mumbai, Delhi and Pune. Together, these have a realisable value of Rs 4 crore, according to company estimates. It has surplus land in Jalgaon worth about Rs 3 crore. The company, at its annual general meeting (AGM) on May 5, will seek shareholder approval for a special resolution enabling the company to raise up to $100 million (Rs 400 crore) by way of private placement of redeemable/convertible bonds at an opportune time. In March last year, the company had secured shareholder approval for raising $20 million via external commercial borrowings and bonds. However, the proposed borrowings never materialised owing to unfavourable risk perception of lenders.

The fund-raising proposal has assumed critical importance following the Rs 28.2-crore net loss reported for the 15-month period ended June 30, 1997, working capital requirements and the need to reduce the interestburden by repaying high-cost borrowings. In response to a query, a company spokesman admitted that given the depressed state of the domestic and GDR markets in general and the loss-making status of the company in particular there would not be many takers for the proposed convertible-bond issue unless the company "turns the corner".

He added that the convertible bond issue with `sweetener' may be possible early next year.

In 1998-99, the company hopes to benefit from its agro processing projects -- onion/ vegetable dehydration and papain plant. The onion dehydration capacity is being doubled in 1998-99 to 9600 tonnes with an additional investment of Rs 2.5 crore by adding a new drying line. Total investment so far is Rs 33.18 crore. The company reckons that the contribution of the agro processing division to total export turnover (Rs 134 crore in the 15-month period ended June 30, 1997) in 1998-99 will be approximately Rs 38 crore, out of which papain will account for Rs 3.9 crore while onion willcontribute Rs 34.56 crore.