SWISS MAJOR PROPACK TO HIKE STAKE IN INDIAN ARM TO 74%
Article Abstract:
Propack, a lamitube major of Switzerland, is increasing its holding in Ras Propack Lamipack, its Indian joint venture, from 41.7 percent to 74 percent in three phases beginning from June 1999. It will give an unsecured loan of about Rs5.5 crore to Ras Propack which is to be converted into equity in June 1999 and increase its stake to 51 percent. BankAm Private Equity Fund will invest Rs8 crore in Propack Asia Ltd, the holding company for the Asian operations of the Swiss company. These funds will be advanced as unsecured loans to Ras Propack and will be converted into equity by the end of 1999 or early 2000. This will raise the Swiss firm's holding in Ras Propack to 65 percent. Open market acquisitions will then increase the stake to 74 percent. The funds infused into Ras Propack will partly be used to reduce its debt from Rs19 crore to Rs14 crore and to tap the laminated web export business. (khr)
Comment:
Propack, a lamitube major of Switzerland, is increasing its holding in Ras Propack Lamipack, its Indian joint venture, from 41.7 percent to 74 percent in three phases beginning from June 1999.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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ZEE TO LIGHT UP SILVER SCREEN
Article Abstract:
Zee Telefilms Ltd has decided to enter the motion picture business and launch a number of regional satellite channels. It has already started the production of two films with both having a budget of Rs10 crore. One of them is an animation movie which will be produced in-house by Zee Institute of Creative Arts. The company has decided to launch channels in Punjabi, Bengali, Tamil, Telugu, Malayalam, Kannada and Marathi. These channels are to be beamed from Panamsat, where the company has already leased a transponder to air Music Asia. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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