Aditya Birla Nuvo Updates on buy-out of partner

Aditya Birla Nuvo Ltd has announced that the Company on November 29, 2006 has acquired, 82,50,000 equity shares of Birla NGK Insulators Pvt Ltd (BNIPL) from NGK Insulators Ltd, Japan.

Further the Company has informed that, Laxminarayan Investment Ltd, the Company's wholly owned subsidiary Company on November 29, 2006 has also acquired, 30,00,000 equity shares of BNIPL from NGK Insulators Ltd, Japan and 10,00,000 equity shares of BNIPL from Mitsubishi Corporation, Japan.

On acquisition of the above shares, Birla NGK Insulators Pvt. Ltd., has become a subsidiary of the Company.

Source : Equity Bulls

Keywords