MANAKSIA BUYS NIGERIAN FIRM
MANAKSIA BUYS NIGERIAN FIRM
The Indian conglomerate Manaksia has wrapped up the Rupee 115 million ($2.6 million) acquisition of Nigerian Paper Mills.
The 65,000 tonne/yr kraftliner and corrugating medium facility was snapped up through the group’s wholly owned Nigeria-based subsidiary, MlNL. The purchase includes some 900 ha of plantation forests.
A spokesman said the plant will be overhauled and the outdated equipment replaced. Manaksia is also mulling over plans to expand the mill. A feasibility study will be carried out within the year. The group plans to restart the facility in 2009.
Manaksia plans to raise funds for the scheme through the issue of 15.5 million new shares priced at Rupee 2 each.
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