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MUMBAI: Hindustan Lever Ltd has got the green signal from its board for the amalgamation of Vashisti Detergents Ltd, its contract manufacturer for soaps and detergents.

The company's board has approved the proposal for amalgamation of Vashisti with effect from July 1, 2005, HLL told the Bombay Stock Exchange, after the company's board meeting here on Thursday. Currently, HLL owns 32.90 per cent stake in Vashisti. The board also approved the scheme of amalgamation, where a shareholder would get one share of HLL for every 10 equity shares held of Vashisti Detergents Ltd. The company will now proceed to get shareholder and court approvals.

Vashisti had reported a net loss of Rs 3.64 crore for the year ended March 2005.

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