Dan Metals bids to buyout Pennar Aluminium
Sterlite, Hindalco are no more in the race
Dan Metals of Germany has pitched in to buyout the ailing Pennar Aluminium (Palco). Two other bidders, Sterlite Industries and Hindalco have apparently lost interest and withdrawn from the race. Dan Metals has submitted its bid to IDBI, which is now in talks with other institutions to work out the bailout package for the company. Palco, which was referred to the BIFR on 1998, is primarily into the production of secondary products including strips and sheets. The company`s debt burden is about Rs 3bn with accumulated losses of Rs 2.2bn.
