Business Daily from THE HINDU group of publications
Tuesday, Aug 14, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Aug 14, 2007 ePaper |
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Corporate
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Sick Units Essel Propack to revive RAS group cos
Our Bureau Mumbai, Aug. 13 Essel Propack announced that it has filed for rehabilitation of RAS Propack Lamipack and RAS Extrusions of the RAS Group with the Board for Industrial and Financial Reconstruction. “The rehabilitation proposal has already been worked out jointly with the management of the RAS group. The technology platform adopted by RPL and RAS Extrusions is the same as that adopted by Essel Propack. This will be a great advantage while integrating the organisation,” said Mr Ashok Goel, Vice-Chairman and Managing Director. RAS Extrusions manufactures multi-layered laminates used for manufacture of laminated tubes, while RPL manufactures and supplies soft squeeze laminate tubes used in packing toothpaste, haircare products, etc. Both have their manufacturing units at Chakan, Pune. “Since we are in the same line of business, it will help us as a co-promoter of these companies,” said Mr R. Chandrashekhar, President. It would take eight to 12 months for BIFR to give a nod for the acquisition and when it happens, the products would be sold under the banner of Essel Propack, he added. ICICI Bank Ltd has been appointed as the operating agency to finalise the rehabilitation package for the companies. RAS Propack Lamipack is a joint venture of Propack Holdings of Switzerland, RAS Extrusions and KMK Maschinen of Switzerland with Propack providing technology and KMK providing equipment. The company supplied to Dabur, Hindustan Lever and Balsara Hygiene Products, but was declared a sick company by BIFR.
More Stories on : Sick Units | Plastics | Mergers & Acquisitions
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