PE firms eye stake in Adhunik Metaliks arm

Kolkata-based Adhunik Metaliks is in talks with private equity players for acquiring stake in its wholly owned subsidiary, Orissa Manganese & Minerals.The deal is likely to be struck in the next one month and Adhunik is looking at diluting 10-11% in the company.

Orissa Manganese & Minerals has six manganese mines and one iron ore mine. The iron ore mine has reserves of around 80 million tons having iron content of more than 65%.
Manoj Agarwal, managing director, Adhunik Metaliks said, the iron ore mine would start production from June-July 2008.