BPL to lease alkaline battery facilities

BPL Ltd has announced that the Board of Directors of the Company at its meeting held on November 23, 2006, inter alia, has approved the following:

1. To lease the Alkaline Battery Business facilities for a period of 6 months from a date to be agreed, subject to necessary approvals.

2. Subsequently transfer the Alkaline Battery Business of the Company to the proposed Joint Venture Company, subject to the approval of the members, lenders and regulatory authorities as may be necessary.

3. To invest in the equity share capital of the proposed Joint Venture, subject to the approval of the members, lenders and regulatory authorities, if any.

4. An Extra Ordinary General Meeting of the Company would be called as well as a postal ballot seeking members’ approvals for the above proposals.

Source : Equity Bulls

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