Jessop to dilute 24 per cent stake: Chairman
Kolkata, Jul 17: Jessop&Co Ltd, a joint venture of Ruia Group and Union Government, will dilute 24 per cent stake held by the Ruias to some international player, company Chairman Pawan Kumar Ruia said here today.
Speaking to mediapersons here today at the 75th AGM, Mr Ruia said, ''A number of international companies have shown interest but we are yet to decide on the matter. We may rope in an international company as a strategic investor as well.'' ''We cannot hold around 94 per cent equity in a company,'' he said adding that the Centre is holding around 4.92 per cent while the public holding is less than one per cent.
However, the chairman refused to give any timeframe when the stake would be diluted.
Meanwhile, Mr Ruia said the company had set a target of reaching Rs 1000 crore turnover at 2011-12.
Asked about Jessop's strategies to reach the magic figure in the next five years, he said the company would try to increase the production of wagons and coaches and procure more orders from Railways.
''We will reach Rs 150 crore turnover at the end of this fiscal,'' he added.
UNI