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Miriam Liddle  |  by www.tradingmarkets.com. All rights reserved. 10.11 | 17:09

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(RTTNews) - Kolkata-based confectionery and snacks company, Haldiram Bhujiawala, plans to enter the capital market with an initial public offer to fund is diversification and expansion programme. The company is in discussion with merchant bankers to decide on the modalities, including the exact tranche of money to be raised, Prabhu Shankar Agarwal, the promoter of Haldiram said. The company said that the proceeds from the issue would be used for its plan to diversify into hotels and retail real estate as well as expand its existing business.

Agarwal added that the company has already acquired around 10 acres near Singur on the Durgapur Expressway, where it would set up a large manufacturing facility in three phased at a cost of Rs. 100 crores. The company further stated that it had already commenced construction of a 165-room budge hotel for business travelers and a three-hall convention centre near its Pune Foods outlet on VIP Road and a 5-room Apollo Sleep Well near the Apollo Hospital on the EM Bypass.

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