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Bilt signs MoU for acquiring equity stake in Sinar MAS (I)
PRESS TRUST OF INDIA
New Delhi, March 4 : Ballarpur Industries Ltd (Bilt) has signed a memorandum of understanding (MoU) with Sinar MAS India for acquiring equity stake in the company and the transaction is expected to be completed by April this year. "Bilt has signed a broad MoU with Sinar MAS India but how much stake it will ultimately take in the company is yet to be decided. We expect that a final picture will emerge by April this year," Sinar MAS India officials said. When contacted, Sinar MAS managing director (MD) Vipin Kapur declined to comment saying "at this stage, I can neither confirm nor deny anything". Meanwhile company officials said a host of issues were yet to be discussed, the most important being how much equity will be offloaded to Bilt and their company's valuation was underway."We may offload the entire 100 per cent or less, nothing has been decided as of now," they said adding yet another major issue in the transaction was the `large' unfulfilled export commitments which the company was saddled with.They added that Bilt was unlikely to face a major hurdle due to the export commitment since Sinar MAS had a `good' export performance for both last fiscal and the current one besides the increasingly liberal attitude of the government on the issue. When contacted Bilt MD Gautam Thapar said: "I am tired of commenting on the issue, I have nothing to say." Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
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