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Ferro Alloys to invest INR 2 billion in Facor Group

Ferro Alloys Corporation has announced that the company will invest up to INR 2 billion by way of subscription, purchase or otherwise in the securities of Facor Energy, Facor Energy India, Facor Electric, Facor Solar and/or other company to be formed in India and/or overseas, or acquire such securities from the existing holders, in one or more tranches.

The company has also decided to give loans of an amount not exceeding billion in the aggregate and/or provide security and/or give guarantees In the aggregate on behalf of the companies as aforesaid and/or companies to be formed In India and/or abroad.

Notwithstanding that the aggregate of the loans and investments so made or guarantees or securities so given to all bodies corporate by the company exceed the limits prescribed under section 372A and other applicable provisions, if any, of the Companies Act 1956.

(Sourced from IRIS)