Friday, December 15, 2006

Baring picks up stake in steel company

Bhushan Power and Steel, a Delhi-based unlisted company has raised financing from Baring Private Equity Asia. The private equity player has invested Rs 150 crore (around $33 mn) for little less than 10% stake in the company. Sanjay Singal, CMD, Bhushan Power and Steel, has said that funds received from Baring will be invested in an integrated steel complex, being set up in Orissa. Post commissioning, the company will become a 1.2 million tonne integrated steel company. The company may go for an IPO by 2007 – end around the time when the work for the Orissa plant gets over. This is the first investment by Baring from its recently raised $500 million Asia-dedicated fund.

Read article from The Economic Times.

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