Duncans Industries Ltd today announced the induction of Jaypee Fertilizers and Industries Ltd as a strategic investor for the revival and rehabilitation of the company's fertilizer unit at Panki, Kanpur.
The board of directors of Duncans Industries, at its meeting today, inter alia, decided to approve the proposed participation of Jaypee Fertilisers and Industres Ltd (a Jaypee Group Co), as a strategic investor for the revival and rehabilitation of the fertiliser unit.
The investment will be made through a joint venture company of Jaypee Fertilizers and Industries Ltd and ISG Traders Ltd, a part of the promoter group of DIL. Duncans is awaiting a Bureau of Industrial and Financial Reconstruction (BIFR) approval of a rehabilitation scheme and demerger of the fertiliser company into a separate entity.
Duncans Industries is the flagship company of the Duncan-Goenka group.
Jaypee is expected to pick up 50 per cent stake in the unit with the other 50 per cent beig held by Duncans.