To Monetise Vast Reserves of Bauxite in Kolhapur
Mumbai, 11th Aug, 2015: Pro Fin Capital Services Ltd. (PROFINC) (BSE: 511557), the leading financial solutions and services provider has intimated the Bombay Stock Exchange (BSE) that it has decided to acquire 80 per cent of the equity capital of Tera Natural Resources and Pellets Private Limited (TERA) in due course. TERA, the bauxite mining company is an existing subsidiary of PROFINC which presently holds 46.92 per cent of its equity capital. The move, on part of PORFINC, is aimed at expanding its decision making ability in TERA and to mobilize the vast reserves of bauxite for which the company has obtained necessary approvals for mining.
TERA commenced commercial operations for bauxite mining in the Kolhapur District of Maharashtra, sometime in the first week of July 2015. The total reserves of bauxite in the mines are estimated to be 25 million tons.
“We are pleased with the positive development with TERA, so far and this move will further reinforce our belief in the market potential for bauxite. TERA has obtained necessary approval from the Office of the Director General of Mines for bauxite mining and the commercial contracts for selling the bauxite are in place,” says Mr. Anupam Gupta, Chairman, Pro Fin Capital Services Ltd.
PRO FIN CAPITAL SERVICES LTD.: Profin Capital is one of the leading providers of solutions and services in the realm of financial sector. Promoted by a group of professionals, Profin Capital has grown consistently since inception. The Mumbai based Pro Fin Capital Services was incorporated in 1991 and since then has evolved as a services company with a focus on underwriting and marketing IPOs.