The promoters of Nagpur based Indo Rama Synthetics having an state-of-the-art manufacturing plant at Butibori near here, had to part with its stake holder Japan based trading house Itochu Corp after the latter sold its entire 3.5 per cent equity stake in the company to them.
Indo Rama Sythetics run by Lohia family under its Chairman and Managing Director O.P. Lohia had to shell out Rs 8 crore through bulk deals on the Bombay Stock Exchange.
The stake of Indo Rama promoters that stood at 64.13 per cent by the end of third quarter last year i.e. on December 31, 2013, has now moved up to 67.6 per cent.
Indo Rama Synthetics is a part of Indo Rama group which ventured into polyester business in 1989 there starting its commercial operations. It is one of the key players in local polyester business and offers a wide range of polyester products which include Polyester Staple Fibre (PSF), Partially Oriented Yarn (POY), Draw Texturised Yarn (DTY), Fully Drawn Yarn (FDY) and Polyester Chips.
The group, which has its corporate office at Gurgaon in Haryana, has a strong presence in Indonesia, Thailand, the US, Nepal and Sri Lanka besides India. It has focused on business activities in textiles, polyesters and industrial chemicals.