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Resurgere Mines & Minerals India Ltd. announced that Merrill Lynch International has acquired a 12.74 per cent stake in the firm for an undisclosed amount. The Mumbai based company has filed draft Red Herring prospectus with Securities Exchange Board of Indian for an IPO. The issue will be managed by Motilal Oswal Investment Advisors Pvt. Ltd.
Resurgere is engaged in the business of extraction, processing and sale of mineral products and exploration and development of mining assets. Its product range includes various forms of iron ore such as Lump ore, Size ore, Calibrated Lump ore (CLO) and Iron ore fine and bauxite. It sells all these products domestically except iron ore fines which it exports to China.
Its operational income and profit after tax (PAT) for the financial year ending March 31, 2007 was Rs. 164.24 crore and Rs. 31.64 crore, respectively. The company currently operates in Nuagaon, Kendujhargarh district and Maharajpur, Mayurbhanj district of Orissa and plans to start operations in Singhbhum district of Jharkhand soon.