Pisces Exim announces plan to raise Rs 1,000 crore

Pisces Exim India Private Limited, one of leading exporters of iron ore, today announced the company's plan to raise funds of Rs 1,000 crore through public issue for entering into partnership with a foreign partner and also for diversification of the business.

Mumbai, Maharashtra, October 12, 2011 /India PRwire/ -- Pisces Exim India Private Limited, one of leading exporters of iron ore, today announced the company's plan to raise funds of Rs 1,000 crore through public issue for entering into partnership with a foreign partner and also for diversification of the business.

Speaking to mediapersons here, company Managing Director Soumit Ranjan Jena said "if needed, he will go for public issue to raise funds of Rs 1,000 crore, out of that Rs 700 crore would be invested in mining business in the country and remaining amount would be invested in joint venture in mining companies in foreign land like Indonesia and Thailand among others which has potential of mining.

He said the company had last year earned net profit of Rs 13 crore by exporting 2,50,000 metric tonnes of iron ore to the countries in Middle East and China.

Started in 2004 with a minimum investment of Rs 2 crore, Mr. Soumit Jena said that he has set a target to achieve a multiplied turnover in the coming three years and is also exploring the possibility of diversifying in the field of wind power generation and food processing industry.

For setting up a food processing plant, he has approached the Himachal Pradesh government for assistance in procuring land and establishing related infrastructure, he added.

Notes to Editor

Pisces Exim India has drawn up Rs 1000-crore expansion plan through public issue for entering into partnership with a foreign partner and also for diversification of the business.

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