Financial Daily from THE HINDU group of publications
Wednesday, Jan 18, 2006
Financial Daily from THE HINDU group of publications Wednesday, Jan 18, 2006 |
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Corporate
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Announcements Pennar Aluminium assets sale: ARCIL accepts Hindalco offer Our Bureau
Mumbai , Jan. 17 HINDALCO Industries Ltd has informed the BSE that Asset Reconstruction Company (India) Ltd (ARCIL) has accepted the company's offer to purchase certain assets of Pennar Aluminium Company. The company said it would buy assets pertaining to aluminium rolling and conductor rod complex of Pennar Aluminium's Nagpur plant. These assets were put up for sale by ARCIL under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The installed capacity for aluminium rolled products is 30,000 tonnes per annum and for conductors is 14,400 tonnes. The facility for rolled products was installed in December 1993 and conductors in November 1994. The residual life of the facility for aluminium rolled products is estimated to be more than 10 years. The assets purchased are on "as is where is and as is what is" basis and would not be used as part of the project forming the objects of the rights issue, Hindalco said. The estimated residual life is based on management estimates and has not been independently assessed by any expert, the company said.
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