GMR Industries clarifies on news item regarding expansion plans

With reference to the news item appearing in leading financial daily titled "GMR Ind mulls Rs 1000-cr expansion", GMR Industries Ltd has clarified to BSE as below:

1. In the Company's press briefing, the Company had only indicated that it's goal was to cross Rs 1000 crores turnover by 2010-11. No specific amount as to the size of the total investment was made.

2. Responding to a specific question as to the mode of funding the expansions, it was stated that FCCB or private equity were also options being studied.

3. The expansion in the Company's existing Sankili Sugar Complex reported in the article was already informed.

4. The setting up of a Sugar Complex near Hubli in Karnataka through Bharat Sugar Mills Ltd and its relationship as a subsidiary of the Company was also communicated earlier.

5. The above referred communications also included the details of the Merger proposal of Bharat Sugar Mills Ltd with the Company and the Demerger of Ferro Alloys business of the Company.

6. As regards the company’s expansion plans, it was stated that setting up of sugar complexes in other states like Bihar and Maharashtra besides projects like Medium density fibre board (MDF) and integrated dairy were being evaluated.

7. As regards carbon credits, it was stated that the Company has applied for registration and certain broad estimates were indicated.

Source : Equity Bulls

Keywords