Financial Daily from THE HINDU group of publications
Tuesday, Jun 06, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jun 06, 2006 |
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Corporate
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Overseas Investments Indo Asian Fusegear enters Nepal Our Bureau
New Delhi , June 5 Electrical equipment-maker Indo Asian Fusegear Ltd on Mondayannounced its entry into Nepal and said it is targeting a business of over Rs 20 crore in the first year of operations. "Having been present in European and West Asia market, we were keenly looking at our neighbouring markets such as Nepal, which have immense potential," the Indo Asian Fusegear's Chairman and Managing Director, Mr V.P. Mahendru said in a release.
Hausmann products
The company has tied up with a local industrial house, Golchaa Industries, for the distribution of its Hausmann range of products. "We are targeting delivery of over Rs 20 crore worth of Hausmann products during the first year of operations," Mr Mahendru said. Apart from the neighbouring countries, the company is also looking at West Asian belt that is fast emerging as a potential market. Meanwhile, the shareholders of the company have authorised the board of directors to create, offer, issue and allot up to 7,50,000 zero coupon warrant, each convertible into one equity share of Rs 10 each at a price of Rs 160. This will be inclusive of premium on preferential basis to the promoters of the company, it said.
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