Adhunik Metaliks plans Rs3 bn IPO for mining unit

Adhunik Metaliks plans Rs3 bn IPO for mining unit
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First Published: Tue, Aug 19 2008. 11 57 AM IST
Updated: Tue, Aug 19 2008. 11 57 AM IST
Reuters
Mumbai: Speciality steel maker Adhunik Metaliks Ltd will raise Rs2.5 to 3 billion through an initial public offering of shares in its mining subsidiary, the company said in a statement on Tuesday. The firm also plans to set up a pellet plant and two ferro-alloy plants with an investment of Rs11 billion.
These plants will convert iron ore fines into pellets and process low grade manganese ore waste for use in the ferroalloy unit, Adhunik said in the statement
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First Published: Tue, Aug 19 2008. 11 57 AM IST