Ess Dee

Ess Dee To Form JV With MALCO, Plans To Acquire India Foils

Packaging material maker, Ess Dee Aluminium plans to form a joint venture (JV) with Madras Aluminium (MALCO), to acquire majority stake in India Foils Ltd.

In a release to the stock exchange, Ess Dee said that the company will join hands with Malco, a Vedanta Group company, the current promoters of India Foils Limited (IFL) to revive the company through a rehabilitation scheme, permission for which is expected within the next 60-90 days. The deal size is estimated at around Rs 100-150 crore.

MALCO currently holds a 38.8% of India Foils.