The Lalit Mohan Thapar group flagship, Ballarpur Industries Ltd (Bilt), is in negotiations to sell off its stake of over 60 per cent in its Malaysian subsidiary, Jg Containers (Malaysia) Sdn Bhd. According to sources, the company is talking to its local joint venture partner to offload the stake. The deal is likely to be clinched shortly, the sources added. Jg Containers makes glass containers.
The Bilt initiative follows the mounting losses in the company. As on December 31, 1999, the company was carrying losses totalling Rs 18.27 crore in its books. For the year ending December 31, 1999, it reported a loss of Rs 2.47 crore. At the same time, investments are needed for upgrading its furnace.
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