Adhunik Metaliks to take over United Minerals

Adhunik Metaliks Ltd has announced that a meeting of the Board of Directors of the Company was held on December 02, 2006, to discuss present business operations and new business opportunities / possibilities.

During the meeting Mr Manoj Kumar Agarwal, Managing Director of the Company appraised the Board regarding availability of Lime Stone and Dolomite Mines in the lease hold areas of Teleghana and Alanda Village in Sundergarh District of Orissa covering an area of 166.38 Acres and 67.33 Acres respectively. Present owner of the Mines is M/s United Minerals, a partnership firm established under the Partnership Act.

The Board then given consent to take over the business operations of the said United Minerals by becoming Partner in the said firm with one of its Group Company, namely M/s Adhunik Alloys & Power Ltd. The Board thereafter resolved to enter into a partnership with Adhunik Alloys & Power Ltd. The partnership firm so entered will carry on the business of excavation of lime stone and dolomite in the lease hold areas of Teleghana and Alanda Village in Sundergarh District of Orissa covering an area of 166.38 Acres and 67.33 Acres respectively. Mr Manoj Kumar Agarwal, Managing Director of the company was authorized severally to negotiate and finalise the terms and conditions of the Joint Venture to be entered for take over of business of M/s Orissa Minerals & Manganese Pvt Ltd.

Further the Board has decided to meet to take final view on the matter after finalisation of the terms and conditions of the deal.

Source : Equity Bulls

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