Monday, August 31, 2009

Kiri Dyes to enter ethanol sector

Gujarat-based Kiri Dyes and Chemicals is planning to raise nearly USD 51m through securities sale to fund the firm’s expansion plans including ethanol. According to the company, the funds raised will be used to expand its existing dyes units, diversification project for ethanol and acquisition of one or more companies in India or abroad. Kiri has also secured board approval to hike the limit of FIIs from 24% to 49%.

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