Stone India at final bid stage for European firmSeptember 8th, 2008 - 7:34 pm ICT by IANS
Kolkata, Sep 8 (IANS) Stone India Ltd, a G.P. Goenka group-company, is in the “final bidding stage” of acquiring a European railway equipment maker, said a top company official here Monday.”The European company we are targeting is privately held and its turnover is bigger than ours,” managing director Amitava Mandal said at a press meet.
Stone India, which registered a turnover of Rs.920 million last fiscal, is a multi-product engineering company located in Kolkata, and has been serving the Indian railroad industry for over seven decades.
Without revealing the name of the company or the acquisition cost, Mandal said the successful bidder would be known in a month.
The company is now in the process of forming a special purpose vehicle in Cyprus as a consortium with other group firms, Mandal added.
Stone India has also entered into a funding arrangement with Dresdner Bank.
Its current order book position is Rs.800 million, and Mandal predicted the turnover in the current fiscal would reach Rs.1.2 billion.
He, however, conceded the company’s operating margin is under pressure and might go down to 17 percent in 2008-09 against 24 percent earned a year ago.
“Our margins are likely to go down following rise in steel prices, our key raw material,” Mandal said.
Matters gave not been helped by Stone India’s upcoming Nalagarh plant in Himachal Pradesh falling behind schedule by five months, which is now expected to start commercial production by the month-end.
“Our Nalagarh facility is behind schedule by about five months, but it will start operations this month. Most of our proposed railway electronic devices would be produced here,” Mandal said.
- Tube Investments logs 37 percent net profit growth - Apr 30, 2012
- GRSE aiming at 25 percent turnover rise in FY13 - Apr 17, 2012
- Panasonic India eyes Rs.25,000 crore turnover by 2015 - Jun 25, 2012
- Tube Investments to acquire Shanthi Gears for Rs.292 crore - Jul 13, 2012
- Emami to open plants in Bangladesh and Egypt - Jul 06, 2012
- Diana Tea eyes 10-15 percent turnover growth - Jun 23, 2012
- Tube Investments eyes Rs.500 crore revenue - Dec 07, 2011
- Carborundum grows net by 68 percent in 2010-11 - May 02, 2011
- Dollar Industries eyes Rs.5 bn turnover in 2012-13 - Apr 05, 2012
- BEML targeting African, Southeast Asian markets - Jan 30, 2012
- Reliance Industries net profit rises 28 percent to Rs.5,136 crore - Jan 21, 2011
- Multi-product retail will improve supply chain: Economic advisor - Nov 04, 2011
- Tata Refractories target Rs.2000 crore turnover by 2012-13 - Jul 15, 2010
- Haldia Petrochemicals expects Rs.10,000 crore turnover this fiscal - Jun 11, 2011
- UBI to raise Rs.3.1 bn via preferential allotment - Mar 19, 2012