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Mumbai, Feb. 19

Mumbai-based packaging company Ess Dee Aluminium Ltd has entered into an agreement with Madras Aluminium Ltd (Malco), a Vedanta group company and the present promoters of India Foils Ltd (IFL), to work towards its revival. IFL had been referred to the Board for Industrial and Financial Reconstruction (BIFR) in 2006. Ess Dee’s Chairman and Managing Director, Mr Sudip Dutta, told Business Line that they would submit their rehabilitation scheme to the BIFR in about 20 days. IFL has a debt of Rs 300 crore. No details were divulged on the rehabilitation scheme that the companies would make for IFL. ICICI Bank is the operating agency for implementation, while Enam was the advisor to Ess Dee and KPMG advised Malco.

– Our Bureau

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