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Futura Poly board nod for chemical unit transfer to arm

Our Bureau

Mumbai , Dec. 17

FUTURA Polyesters Ltd has informed the Bombay Stock Exchange that its board, at a meeting on Tuesday, had decided to transfer with effect from January 1, 2004, its chemicals division to its subsidiary, Innovasynth Technologies India Ltd (ITIL) on the terms and conditions earlier approved by the shareholders. These include Rs 45 crore-plus working capital as on January 1 that will be split into Rs 25 crore as equity and the balance as debt.

The transfer is subject to the approvals of banks and financials institutions.

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