Mumbai, May 26
Minivet Ltd, an FII, has picked up five per cent stake in refractory manufacturing company Shashwat International Ltd for $3 million. Smith Advisory advised the FII in the private equity transaction, a press release said here today. Shashwat International Ltd, which has refractory manufacturing facilities in West Bengal and Gujarat, proposes to expand its capacity from 84,400 mtpa to 300,000 mtpa. Privately held Shashwat International, with refractory manufacturing facilities in China and the US, also plans to acquire a large refractory unit in Orissa.