IID Forgings Ltd to expand logistics business

The Board of Directors of IID Forgings Ltd at its meeting held on April 27, 2007, inter alia, has considered and approved the funding of project for expansion into Container Freight Station and Logistics Park activity at a cost of approx. Rs 370.20 crores with a finance mix of 2:1 Debt to equity.

The Board considered and approved as a part of expansion, acquisition of 60% stake in GLOBAL LOGISTICS SOLUTIONS (INDIA) LTD a Company engaged in NVOCC line of business and investment of Rs 10 crores to finance working capital and capex requirement.

The Board considered and approved subject to approval of Members, an increase in its "Borrowing Powers" up to Rs 1000 crores.

The Board considered and approved subject to the approval of Members to the change of name of the Company to "ARSHHIYA INTERNATIONAL LTD", to signify its diversified activities in international arena of logistics and supply chain management.

Source : Equity Bulls

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