India ink firm MIL plans $90m investment write-off

04 August 2008 19:59  [Source: ICIS news]

NEW DELHI (ICIS news)--India's Micro Inks Limited (MIL) would write off investments aggregating to rupees (Rs)3.82bn ($90.4m) in its three loss-incurring overseas subsidiaries, the arm of Germany’s Huber Group said on Monday.

The three loss-incurring subsidiaries are Hostmann Steinberg of the US, Austria’s Micro Inks and Micro Inks (Singapore) with accumulated loss of S$1.11m.

The Bombay Stock Exchange-listed company would seek shareholder approval on 30 August to dip into its reserves for the balance-sheet clean-up.

MIL is 70.50% owned by MHM Holding, the holding company of Huber, which is the world’s fourth largest printing inks manufacturer.

($1 = Rs42.27)

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By: Naresh Minocha
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