Grasim Industries would hold 40% stake in the special purpose vehicle, AV Terrace Bay Inc while its Thailand-based sister concern Thai Rayon Public would hold the remaining stake
Mumbai: The Aditya Birla Group said it has agreed to buy the assets of the Canadian company Terrace Bay Pulp Mill located in northwestern Ontario, for an undisclosed sum, reports PTI.
"The acquisition of the Terrace Bay Mill is a major strategic move for us, as it will be geared to provide superior quality pulp for our VSF plants worldwide in which we enjoy global leadership," Aditya Birla Group chairman Kumar Mangalam Birla said in a release.
For the buyout, the Group will be creating a special purpose vehicle called AV Terrace Bay Inc Canada.
Grasim Industries proposes to hold a 40% stake in AV Terrace Bay Inc and the remaining 60% is proposed to be held by Thai Rayon Public Co, Thailand, a group company.
The transaction is expected to close by the month-end, subject to regulatory approvals.
Over the three years, Grasim would be contributing $44 million, out of the total equity contribution of $110 million, it said.
The Aditya Birla Group will invest over $250 million in a phased manner to convert the mill to produce dissolving grade pulp with an annual capacity of 2.8 lakh tonne.
Until the conversion, which is likely to be in FY16, the mill will produce and sell paper grade pulp. The paper grade pulp mill is likely to commence operations by this October.
The Terrace Bay Mill is considered an anchor mill due to its location and its significant consumption of residual chips produced by the regional saw mills.
The transaction, it said, is subject to court approvals in Canada and other regulatory approvals in Canada, Thailand and India.
Maharashtra Chamber of Housing Industry has called for more interest rate concessions for lower middle and economically weaker sections for buying home
Mumbai: While welcoming extension of interest subsidy scheme for this year, real estate industry body Maharashtra Chamber of Housing Industry (MCHI) has called for more interest rate concessions for lower middle and economically weaker section of the society for housing, reports PTI.
"The extension of the scheme offering concessions in interest rate is a positive step, which will act as an incentive to home loan borrowers," MCHI President Paras Gundecha said in a statement.
Under the scheme, interest subsidy at the rate of one percent on housing loans upto Rs15 lakh where the cost of the house does not exceed Rs25 lakh is given. The scheme announced last year was extended to FY13 as well.
A budgetary provision of Rs400 crore has been made for 2012-13 for implementing the scheme.
The realty body has however called for more interest rate concessions for lower middle and economically weaker sections to help them own a house.
"These sections are the worst hit as they cannot afford a house due to high cost of housing triggered by increase in cost of inputs and finance. The government should extend the benefit of lower rate of interest of 6-7%, currently available to some government and public sector employees, to all, so that housing would really become affordable in the true sense of the word," Gundecha added.
SEBI reduced the time-line for registering the transfer of shares to 15 days from 30 days to expedite the transfer process in the interest of the investors
New Delhi: In a move to expedite the transfer process of equity shares market regulator Securities and Exchange Board of India (SEBI) has reduced the timeline for registration of transfer of shares to 15 days from the existing one month, reports PTI.
It also decided to reduce the time period for transfer of debt securities to 15 days. The new directive will come into effect from 1st October, this year.
"With a view to expedite the transfer process in the interest of the investors, it has been decided, in consultation with Registrars Association of India, Stock Exchanges and market participants to reduce the time-line for registering the transfer of shares to 15 days," SEBI said in a circular today.
The same time-line shall also be applicable for transfer of debt securities, it added.
"This circular is issued in exercise of powers conferred under SEBI Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets and shall come into force with effect from 1 October 2012," SEBI said.