MCS to invest in Kyrgyzstan

MCS Ltd has announced that the Board of Directors of the Company at its meeting held on June 30, 2007, inter alia, has subject to approval of Reserve Bank of India and / or Central Government under the Foreign Exchange Management act 1999 and subject to such other approval, permission and sanction as may be considered necessary and subject to the applicable provision of the Companies act 1956 and subject to such other conditions as may be prescribed by any of the authorities while granting such approval, permission and sanction, unanimous consent of the Board of Directors be and is hereby given to the Company to undertake / install Hydel Power Project manufacturing of Ferro Silicon and mining of Molybdenum in the Republic of Kyrgyzstan, through fully owned two subsidiary Companies in the name of "Ferro Alloys Ltd" and "Moly Mining Ltd" being formed as also to invest for subscribing for 100% share capital of subsidiary Companies.

Source : Equity Bulls

Keywords