Document R2Jr5qqK13bwQXN2448b733DB

FILE NAME: Shree Digvijay (SDV) DATE: 1979 June 22 DOC#: SDV010 DOCUMENT DESCRIPTION: J-M Letter to Mr. Bangur RE SDV has Opportunity to Obtain Substantial Support & Technical Expertise from J-M Johns-Manville Corporation I1r n I ii , I I I i m h f * 11\, * -t *1* (i i< |( i / I to ij O/O UK)() t M 'l.lltlV l* ( )lll( (" . June 22 , 1979 Mr. N. D. Dangur c/o M/S Ketellwell 21, Strand Road Calcutta 700029 India Bulleni & Co., Ltd. Dear Mr. B a n g u r : We recently had a very productive vis and are of the opinion that communica companies will be vastly improved. ,1 also believe that Mr. Bhandari now has the feeling tliat Shroo Digviiav has ^ the o p p or tu nity to obtain s u bs t a n t i ^ L support and._nec.cisaatv technical expertise from Johns-Manville, ~rrr~aTidtXTon to our normal function as merely a fibre supplier. During his visit, Mr. Bhandari explained to us the recent changes in ownership wherein your group now has a much stronger position. We view this as good news and wish to assure you that, from our viewpoint, we have every intention of working with you and Shree Digvijay to our mutal benefit. When I assumed my present responsibility in our International operations a few years ago, we had nearly one hundred invest ments in asbestos cement companies throughout the world. J-M originally participated in these investments in order to bring technology and, in many cases, actually initiated the invest ment. Now that the asbestos cement industry is much more mature and the various businesses well established, we have viewed our continued participation rather superfluous in many instances and have, therefore, reduced our investments to the point where we have only a few investments, in addi tion t.o Shroo Digvijay. It will probably be another inter mediate term objective to sell our shares in Shree Digvijay but, of course, any action taken on our part would be care fully executed so that it will in no way adversely effect the operation. Any thoughts you have regarding the best approach or timing for us to make this divestment would be very much appreciated. Cont'd. Mr. N. !). Bannur - 2- Junc 22, 1079 In the meantime, by copy of this letter we would like to thank Mr. Bhnndnri for his visit and the re-opening of communications between our groups. Very truly yours, H. B. Moreno Senior Vice President International Group # P.S. - For your information, we have enclosed a copy of our 1978 Annual Report. cc : Mr. S. R. Bhandari - Shree Digvijay