Oracle of Omaha will initially invest Rs 1,177 crore (Rs 11.77 billion) in the venture.
The fate of US $ 245-million (approx. Rs 1,356 crore at current exchange rates) chlorinated polyvinyl chloride (CPVC) unit, proposed to be set up through a joint venture between billionaire investor Warren Buffet's firm, Lubrizol Corporation and Ahmedabad-based Astral Poly Technik Ltd, is hanging in the balance as there is no progress on the project since the announcement was made in September last year.
In times of high interest rates, it is not a very bright idea to take a loan and invest in an IPO
The S&P BSE Sensex has rallied about 28 per cent in 2014, after formation of a stable government at the Centre.
'The growth drivers are mostly invisible, but the growth is undeniable at least for now,' notes Debashis Basu.
The Nifty and Bank Nifty ended at record closing high of 7,913 and 15,865 respectively.
Engineering major BHEL rebounded from its day's lows to end around 1% higher.
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