| HEG to hive-off steel biz for Rs 88.5cr |
| BS Reporter / Mumbai July 18, 2007 |
| The board of directors of HEG has approved the sale of its fully integrated steel business to Kolkata-based Jai Balaji Industries for a consideration of Rs 88.5 crore for fixed assets. According to a release issued by HEG to the BSE today, net current assets would be transferred on a mutually agreed price on August 1, 2007. "The Durg steel unit will be de-merged from the company with effect from August 1, 2007. Post the de-merger, the company will emerge as a focused graphite electrodes company," the release added. Ravi Jhunjhunwala, chairman and managing director, HEG said: "The decision to hive-off the steel business stemmed from our strong belief that HEG |
