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Indo Rama to acquire manufacturing unit in U.S.
By siliconindia staff writer
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Tuesday, 08 April 2003, 19:30 IST
KOLKATA: Lohias-controlled Indo Rama Synthetics (India) Limited is set to spread its wings in the USA by acquiring an operational integrated bottle-grade pet resin manufacturing facility from Tiepet International Limited of North Carolina for Rs 200 crore.
The Rs 2370 crore Indo Rama, India's largest polyester producer having manufacturing facility of over 300,000 tonne per annum, has entered into an agreement with Pegasus Global Limited, the group's another company in Thailand, to set up a joint venture in the US under the name of StarPet Inc, Indo Rama's company secretary, NC Jain said.
Jain said StarPet Inc will be acquiring the pet resin facility with an installed capacity of around 70,000 tonne per annum.
The acquisition was structured by management consultants KPMG Atlanta on financial aspects and Cadwalder NY on legal and environment issues.
Indo Rama will hold 24 per cent stake in the JV company StarPet Inc while the balance 76 per cent would be vested with Pegasus Global Limited, Jain said.