The Hindu Business Line : Kesoram opts for ECB of Rs 460 cr

Kesoram Industries has opted for ECB worth Rs 460 crore from Standard Chartered Bank and ICICI Bank. Mr S. K. Parik, Director of Kesoram, told Business Line that the average rate of the borrowing would be around 7 per cent. The borrowings are to partly fund the on-going tyre capacity expansion in Uttarakhand. The company has also bought a small private company to facilitate property ownership in Uttarakhand for Rs 12.6 crore. Meanwhile, the company has reported a net profit of Rs 118.49 crore in the first quarter ending June 30, 2008 against Rs 80.66 crore in the corresponding quarter in the previous fiscal. - Our Bureau

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