Business
BILT to acquire Malaysian firm http://www.ndtvprofit.com/homepage/storybusinessnew.asp?template=&whichstory=n&id=31569
NDTV Correspondent
Monday, June 5, 2006 (New Delhi):
Ballarpur Industries Ltd (BILT) has decided to acquire a 97.8 per cent stake in Malaysia-based Sabah Forest Industries (SFI) for $261 million.
The acquisition is proposed to be done jointly with J P Morgan, which would purchase a 20 per cent stake in SFI with the balance being acquired by BILT.
The total consideration would be paid over a period of 18 months.
"The stock has entered intermediate downtrend in line with the markets. It faces resistance at Rs 130-132 levels," said Hemen Kapadia, a technical analyst.
SFI operates Malaysia's largest integrated paper and pulp mill and has paper and pulp capacity of 1,44,000 MTPA and 1,20,000 MTPA respectively. (with PTI inputs)