Steelcast to invest in Janus Cyberserve Ltd

Steelcast Ltd has announced that the Board of Directors of the Company at its meeting held on October 31, 2006, has reviewed the progress made by M/s JANUS CYBERSERVE LTD, Hyderabad (JCL) in the equity of which an investment of upto Rs 90 lacs was earlier approved in the meeting of Board of Directors held on October 14, 2005, of which Rs 45 lacs was actually invested so far. Keeping in view the expenditure incurred so far, the progress made by JCL particularly in terms of market development and skills development and further keeping in view the bright future prospects, the Board of Directors approved a further investment of Rs 100 lacs (in addition to Rs 45 lacs invested earlier) in the equity of JCL.

When the above approved investment totaling to Rs 145 lacs is actually done, JCL would become a subsidiary of the Company since the holding of the Company in that Company would exceed 50% of the equity.

Source : Equity Bulls

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