Date:01/10/2008 URL: http://www.thehindu.com/2008/10/01/stories/2008100156921700.htm

Business

Jessop mulls public offering

Special Correspondent

KOLKATA: Ruia group joint venture Jessop & Co. is exploring the options of going in for an initial public offering (IPO) to fund or part fund its ongoing Rs. 350 crore expansion plan. While 94 per cent of the equity is owned by the Pawan Ruia group, the government retains a four per cent share in this erstwhile Department of Heavy Industry-administered company. The remaining shares are held by the public.

Talking to The Hindu after the company’s annual meeting, S. C. Saxena, Managing Director, said a Rs. 350-crore expansion plan was being implemented to augment wagon-making capacity, introduce steel wagons and to set up a foundry unit in Durgapur in West Bengal.