ET reported that Binani Cement has initiated talks with a few foreign institutional investors to increase INR 1,500 crore for its new projects. The cement flagship of the diversified INR 2,500 crore Braj Binani Group has plans for cement and mining projects in Gujarat and Rajasthan in 2009.

A source said that Mr Vinod Juneja MD of Binani’s Cement has been in talks with FIIs over the past few days to explore various options to fund its two upcoming projects. Mr Vinod Juneja confirmed to ET that the meetings with FIIs had taken place. He said that “These are routine discussions, and we will intimate the stock exchange if any FII or overseas investors invest in the company.”

Currently, JP Morgan holds a 15% stake in Binani, while Credit Suisse, through a Mauritius based company holds another 9.11%.

(Source from Economic Times)