17 AUGUST 2015businesswireindia.com
Pro Fin Capital to increase stake in TERA
Edited by : AL CIRCLE
1 min read
Pro Fin Capital Services Ltd., the leading financial solutions and services provider has intimated the Bombay Stock Exchange (BSE) that it has decided to acquire 80 per cent of the equity capital of Tera Natural Resources and Pellets Private Limited (TERA) in due course.
TERA, the bauxite mining company is an existing subsidiary of PROFINC which presently holds 46.92 per cent of its equity capital. The move, on part of PORFINC, is aimed at expanding its decision making ability in TERA and to mobilize the vast reserves of bauxite for which the company has obtained necessary approvals for mining.
TERA commenced commercial operations for bauxite mining in the Kolhapur District of Maharashtra, sometime in the first week of July 2015. The total reserves of bauxite in the mines are estimated to be 25 million tons.
“We are pleased with the positive development with TERA, so far and this move will further reinforce our belief in the market potential for bauxite. TERA has obtained necessary approval from the Office of the Director General of Mines for bauxite mining and the commercial contracts for selling the bauxite are in place,” says Mr. Anupam Gupta, Chairman, Pro Fin Capital Services Ltd.
TERA, the bauxite mining company is an existing subsidiary of PROFINC which presently holds 46.92 per cent of its equity capital. The move, on part of PORFINC, is aimed at expanding its decision making ability in TERA and to mobilize the vast reserves of bauxite for which the company has obtained necessary approvals for mining.
TERA commenced commercial operations for bauxite mining in the Kolhapur District of Maharashtra, sometime in the first week of July 2015. The total reserves of bauxite in the mines are estimated to be 25 million tons.
“We are pleased with the positive development with TERA, so far and this move will further reinforce our belief in the market potential for bauxite. TERA has obtained necessary approval from the Office of the Director General of Mines for bauxite mining and the commercial contracts for selling the bauxite are in place,” says Mr. Anupam Gupta, Chairman, Pro Fin Capital Services Ltd.
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