Financial Daily from THE HINDU group of publications
Friday, Jul 01, 2005
Financial Daily from THE HINDU group of publications Friday, Jul 01, 2005 |
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Corporate
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Mergers & Acquisitions Merger of IOBL with IOC cleared Our Bureau
New Delhi , June 30 THE Government on Thursday approved the merger of Indian Oil Blending Ltd (IOBL) with the Indian Oil Corporation (IOC). A wholly-owned subsidiary of IOC, Indian Oil Blending manufactures over 450 grades of SERVO brand of lubricants and greases. The proposed amalgamation will help the merged entity to achieve size, scale, integration and greater financial strength and flexibility in maximising the shareholders' revenue, an official statement issued after the Cabinet meeting said. However, the Cabinet authorised the two companies to take follow up action that will be necessary to carry out the merger. Further, the two companies were left to decide the date of merger. With this merger, IOBL is likely to achieve higher long-term financial returns than the companies could achieve individually, the statement said. Keeping in view the identity in business and possible synergies between the two it is considered that amalgamation of the two companies would be beneficial, the statement further stated. IOBL is a public company incorporated in 1963 under the provisions of the Companies Act, 1956.
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