Hindustan Seals, India's largest cap and crown manufacturer, has tied-up with Danmetal to bid for Pennar Aluminum Company Ltd (Palco). Basant Kumar Agrawal, HSL's chairman and managing director said his company has submitted a bid to takeover the plant of Palco to IDBI which was the operating agency for BIFR. "A separate company would be formed for the purpose, where Danmetal will have equity participation. We are willing to takeover the plant, machinery and people of Palco and not the company itself," Agrawal said adding that HSL estimated the cost for the proposed deal would be in the region of Rs 1.40 billion.
NSTL
