Financial Daily
from THE HINDU group of publications
Monday, July 02, 2001
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Financial Daily from THE HINDU group of publications Monday, July 02, 2001 |
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Aban Loyd concludes Hitech acquisition
Ashok Jainani
MUMBAI, July 1
ABAN Loyd Chiles Offshore Ltd (ALCO) has concluded the acquisition of Hitech Drilling Services India Ltd (HDSI) with the induction of three of its nominees on the board of HDSI.
Mr M.A. Abraham, Mr Reji Abraham and Mr Renny Abraham have joined the board of directors of HDSI.
Subsequently, the nominees of Tata group, Mr Kishore Chaukar, Mr Sujit Gupta, Mr J.K. Sethna, Mr N.A. Soonawala and Mr Ishaat Hussain have resigned from the board of HDSI, HDSI and ALCO stated in a joint statement.
This represents the conclusion of the deal with the takeover of management of HDSI by ALCO consequent to the open offer. ALCO acquired 22.5 per cent stake from Tata Industries and around 19 per cent tendered by other Tata group firms in the open offer.
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