|
|
Article: Phoenix AG to buy Andrew Yule's stake in Phoenix Yule.
- Article from:
- PTI - The Press Trust of India Ltd.
- Article date:
- March 29, 2009
CopyrightCOPYRIGHT 2009 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Phoenix AG to buy Andrew Yule's stake in Phoenix Yule
Kolkata, Mar 29 (PTI) -- German company Phoenix AG will buy Andrew Yule's 26 per cent stake in Phoenix Yule -- its joint venture with the public sector heavy engineering firm as a part of the latter's disinvestment process.
Andrew Yule Chairman and Managing Director Kallol Datta told PTI that Phoenix would buy Yule's stake in the joint venture.
"Phoenix has agreed to exercise the first right of refusal. It is now waiting approval of the Cabinet," Datta said. Phoenix AG presently holds 74 per cent in the JV, while the remaining is held by Yule.
Datta said the divestment of another ...