ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Essar Gujarat

year, sales have gone up by 27 per cent to Rs 49 crore from Rs 38 crore of the same period last year. The company expects to maintain a satisfactory level of profits during the year. In order to augment the long-term resources for working capital requirements, modernisation, expansion, replacement/normal capital expenditure programmes, it is proposed to raise Rs 12.13 crore by issue of debentures and new equity shares. The issue of non- convertible debentures to Indian resident shareholders and new equity shares to Castrol, UK, at the time of conversion, according to the chairman P K Chokscy, is in accordance with the current policy of the government of India which in the national interest takes into account the exposure on foreign exchange outflows.

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