Indo Rama Synthetics Board approves merger of IRPL

Indo Rama Synthetics India Ltd has announced that the Board of Directors of the Company at its meeting held on November 30, 2006, has given its in-principle approval to the Company to explore the proposal of the Merger of Indo Rama Petrochemicals Ltd (IRPL), with the Company, subject to all necessary statutory, regulatory and legal approvals.

IRPL is an unlisted Company and is in advanced stage of commissioning a 30 MW Power Project at Butibori, near Nagpur in Maharashtra.

The detailed proposal alongwith approval of the Scheme of Merger, share exchange ratio and other related matters will be taken-up at a future Board Meeting of the Company.

Source : Equity Bulls

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