Pandawa Sakti to pay $50-mn advance to Ballarpur
The Dollar Business Bureau Ballarpur Industries, which is in the process of selling 98.08% stake to Malaysia-based Sabah Forest Industries, at a staggering $500 million, will receive $50 million as an advance payment from Pandawa Sakti in early June. Pandawa Sakti will pay the balance amount to purchase Sabah Forest Industries (SFI) by June 30th. In a Bombay Stock Exchange (BSE) filing, Ballarpur Industries stated that the buyer will make an advance payment by June 3rd, and balance equity consideration that will complete the purchase will be paid by June 30th. In addition to the guaranteed $31.5 million, Pandawa Sakti is likely to provide another $17.5 million as an additional security by May 31st. Based on the formalities that are yet to be completed by ...
Areca nuts: Hike in minimum import price to raise domestic demand
Sai Nikesh | The Dollar Business In a move to contain inbound shipments of Arecanuts, the Department of Commerce, Government of India, has decided to increase the Minimum Import Price (MIP) on import of Areca nuts from existing Rs 110/- per kg to Rs 162/- per kg with immediate effect. The government’s decision was taken on account of unabated imports of Areca nuts from countries such as Indonesia and Myanmar that are taking advantage of low import duty provided to them under South Asian Free Trade Area (SAFTA). Further to prevent entry of inferior quality of the commodity into Indian market that would de-stabilize the domestic prices, the Food Safety and Standards Authority of India (FSSAI) has also directed its officials to ...
