TIL unit site decision in a month

Kolkata: TIL, a provider of infrastructure development equipment, is set to finalise the location for its proposed greenfield plant in West Bengal within a month.

'We have shortlisted three locations for the greenfield unit in Bengal and hope to finalise the location within a month. The new manufacturing facility to be set up on an area of 150-200 acre entails an investment of Rs 175 crore out of which we have already raised Rs 97 crore through the issue of warrants, convertible into equity shares. The balance amount is likely to be raised through QIPs', Sumit Mazumder, managing director and chief executive officer of TIL, told Business Standard.

QIPs mean qualified institutional placement. Mazumder hinted that Enam Capital would advise the company on the fund raising pattern. Enam Capital, an investment arm of Enam Group, was picking up an 11.76% stake in the proposed expanded capital base of TIL.