Wednesday, June 24, 1998
RIL develops pipe-fabrication competence, quietly
Reliance Industries (RIL) has quietly set up a huge pipe fabricating facility at its upcoming mega-refinery-cum-petrochemicals complex coming up at Jamnagar, which may propel it into the big league. Set up for the purpose of the immediate project, Reliance officials said the pipe-making capacity of the facility exceeds the combined might of Larsen & Toubro and Bharat Heavy Electricals Ltd.
Binani group to invest $100 million in Zambian copper-mining project
The Binani group has finalised plans to invest over $100 million in its copper-mining projects in Zambia, even as the post-sanctions prohibitive cost of external-commercial borrowings begin to pinch corporates. The diversified metals-and-cement group proposes to channelise dollar- revenue stream generated by its overseas ventures in the UK, Dubai and Zambia to fund the project.
IFB group firms to get out of non-core areas
IFB Industries, along with its subsidiaries and group companies, will get out of businesses not directly related to the group's primary area of activity, said CMD Bijon Nag at the annual general meeting on Tuesday. Nag said: "The decision to dispose of any unit will be a strategic decision and will be done after the financial restructuring. In case a unit is wound up, the interest of the minority shareholders will be safeguarded."
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