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Our Bureau

Mumbai , Dec. 26

NARMADA Cement will be merged with UltraTech Cement, the merger ratio being one equity share of UltraTech Cement for every 18 equity shares of Narmada Cement.

This is according to a scheme of amalgamation approved on Monday by the board of directors of UltraTech. The AV Birla group company's cement production capacity after the merger will be 17 million-tonnes-per-annum.

The merger ratio is based on an independent valuation done by Mumbai-based Bansi S. Mehta & Co, said a news release from UltraTech.

Narmada Cement will amalgamate with UltraTech with effect from October 1, 2005, provided it acquires all the necessary approvals.

UltraTech holds 97.8 per cent of the paid-up equity share capital of Narmada Cement.

The scheme is subject to the approvals of UltraTech shareholders as well as the Board for Industrial & Financial Reconstruction (BIFR). Narmada Cement had been declared a sick company by BIFR.

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