Raymond, Thyssen press meet on Sept 9

Indian diversified firm Raymond Limited said it will hold a joint news conference with German steel and engineering group Thyssen Krupp AG on Saturday.

Raymond has long been rumoured to be in talks with Thyssen to sell its steel unit but both companies have not confirmed they are in negotiations.

The Indian company said in an invitation received by Reuters on Friday the September 9 news conference at 4:30 p.m. will be addressed by Gautam Singhania, chairman and managing director of Raymond, and Wolfgang Kohler, chairman of the executive board of Thyssen Krupp Stahl, AG.

It did not give other details. Company officials were not immediately available for comment.

Raymond's shares were up over 8 per cent at Rs 115.40 in Friday afternoon trade on hopes of an imminent deal for the steel unit. The firm's shares have climbed over 21 per cent in the past week.

Raymond said on Thursday negotiations were continuing, clarifying a newspaper report that it had struck an agreement with Thyssen to buy the steel unit.

In August Thyssen had confirmed that it was in talks to buy an Indian steel plant but declined to give details.

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