Man Industries and group company Man UK have formed a 50:50 joint venture with the US-based AluChem Inc to bid for a one million tonne alumina refinery project in Kutch. |
Man is the second player after Ashapura Minechem to form a joint venture with an overseas company to bid for the Kutch alumina refinery. Ashapura Minechem entered into a joint venture with the China-based Sichuan Aostar Aluminium. |
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R C Mansukhani, chairman, Man Industries, said, "Man Industries along with its group companies Man UK has entered into this joint venture with AluChem and its associates. We have met senior officials of the government of Gujarat and we should get a final decision from them in the next month." |
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The Man group has estimated an investment of Rs 1,350 crore for the first phase of the refinery project, which includes setting up a capacity of five lakh tonne per annum, along with a 25 mw captive power plant. |
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Ashapura's estimated investment for the similar project was estimated at Rs 1,250 crore. The Man group intends to bring in around Rs 230 crore as equity for the joint venture company, while an equal amount of funds will be brought in by the American partner. |
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The joint venture has plans to borrow over Rs 920 crore for the project. "We have approached the Exim Bank of India and we should be able to raise the required amount," Mansukhani said. |
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