Metals Sector
Aditya Birla Group aims at doubling turnover to $65 billion
The Aditya Birla Group is aiming to double its turnover to $65 billion in the next financial year, said the group chairman Kumar Mangalam Birla.
"It was our ambition to become a Fortune 500 company and we were able to achieve this in 2008, two years ahead of the deadline we had set. Now, we want to become a $65 billion group by 2015," he added while speaking at an event organized by the National Institute of Personnel Management.
US$600mn raised by Hindalco through QIP issue
Hindalco Industries Ltd., part of the Aditya Vikram Birla group, has reportedly sold shares to institutional investors and raised up to US$600mn in an effort to part-finance three greenfield projects.
The floor price for the share sale has been determined at Rs 130.90 per share, which is also known as qualified institutional placement in market parlance.
Tata Steel arm hikes stake in Riversdale to 19.38%
Tata Steel Global Minerals Holdings Pte Limited, an indirect wholly- owned arm of Tata Steel, has announced that it has increased its stake holding in Australia-based Riversdale Mining.
The sources said that Tata Steel subsidiary has increased its pre-existing holding of 15% to 19.38%, by acquiring additional shares of Riversdale Mining.