Mumbai based Jayant Oil Mills & Derivatives will sell 23 per cent stake to an unnamed foreign bank for Rs 300 crore. Business Standard reports that the company has signed an MoU with the bank. Jayant Oils is said to be the largest integrated producer of castor oil, and had revenues of Rs 555 crore in 2005-06.
The company, which is shifting its manufacturing unit to its upcoming Rs 1,500-crore SEZ in Vadodara, is also planning to come up with an IPO of about Rs 600-1,200 crore in 6 months to fund its expansion plans in Vadodara, BS reports.
Jayant Oil Mills is also looking for a tie-up with French company Arcena for contract farming of castor in 27 districts across Maharashtra. “We are considering various options to fund our SEZ and are close to a deal with an equity partner,” the paper quotes Maneck Kanga, executive director of Jayant Oil Mills, as saying.

Posted on 02/13/08, 3:15 PM
in: Private Equity
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