Binani Inds buys 3B Fiberglass for 275m euros

The unit, 3B The Fibreglass Company, based in Battice, Belgium, would be acquired by a special purpose vehicle controlled by Binani Industries. Binani may consider structured equity financing once the deal is completed.

3B, which supplies fiber glass products to automotive and defense companies, reported sales of 159 million euros in 2010. Sources say 3B to raise capacity to 0.2 million tonne per annum by 2013 via its Tunisia facility.

Binani Industries was up 0.95% to Rs 111.10 on the BSE today.