UPL Eyes US $1 Billion MAI Deal

Avatar for Matt Hopkins By Andrea Klosterman Harris|29 October 2008

UPL executives met Nochi Danker, promoter of Koor Industries, which promotes MAI, in July. UPL had approached six to eight banks – including UBS, Deutsche Bank, HSBC, SBI, and ICICI – to raise funds for the acquisition about three weeks prior.

However, chances of a sale are slim, according to Globes Online, which says that MAI’s parent company IDB Holding Corp. Ltd. has denied the report.