Spinnaker to acquire 45.23% in Sanghi Industries, India

Spinnaker to acquire 45.23% in Sanghi Industries, India
Published: 17 January 2006

The British Virgin Islands-based investment fund Spinnaker Global Opportunity Fund Ltd along with two other Spinnaker funds has decided to make an open offer to the shareholders of Sanghi Industries Ltd (SIL), the Hyderabad-based cement and clinker manufacturer, for acquiring 4.35 crore equity shares of Rs10 each aggregating to 20 per cent of equity. 
 
The acquisition is being described as a move to rehabilitate SIL, which has been facing financial difficulties over the past few years due to delay in the implementation of cement project.