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Fidelity buys 5% stake in Ess Dee Aluminium
Our Bureau
Mumbai
March 22
Fidelity International has picked up 5 per cent equity in Ess Dee Aluminium, a company providing packaging materials to pharma companies. The fund has invested close to Rs 40 crore in the company's stock in open market that pegs its enterprise at a value of around Rs 800 crore.
The investment was confirmed by Ess Dee Aluminium's Chairman and Managing Director, Mr Sudip Dutta. "It is a reflection of the confidence that global financial institutions are showing in the company," he said, adding that other funds, including Blackstone, have evinced interest to be a part of Ess Dee.
"ICICI and Marc Faber already hold around 3.5 per cent and 4 per cent equity, respectively, in Ess Dee," he said. The Rs 130-crore Ess Dee Aluminium is planning to invest $40-45 million to set up a plant in Dubai and also looking to acquire a company in South Africa.
Ess Dee has recently set up a plant in Sikkim, which is offering tax benefits and now, the company is looking at expanding overseas. Overseas expansion will be funded partly through internal accruals.
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