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Our Bureau

Hyderabad, July 30

Two foreign investors - Eight Capital of New York and Spinnaker Capital of London - have announced investments to tune of Rs 122.4 crore in Pennar Industries in the form of convertible debentures. In a press release, Pennar said the funds would be utilised for making one-time settlement of the long-term debt and for capital expenditure. Mr Ravi Chachra of Eight Capital and

Mr Tarun Gandhi of Spinnaker Capital have been inducted on the board of directors, it said in the release. Meanwhile, the company announced that it would set up a manufacturing facility at Chennai at a cost of Rs 25 crore. This facility would produce value-added steel products and engineered steel components. "The first phase of the Chennai factory is expected to be operational by December," it said.

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