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GNFC holds 56.45 per cent equity in NCPL and the two companies are located on the same campus at Bharuch.

Ahmedabad , March 1

The boards of Gujarat Narmada Valley Fertilizers Ltd (GNFC) and its subsidiary, Narmada Chematur Petrochemicals Ltd (NCPL), have approved the merger of the two companies.

The decision follows discussions between the two companies started in October last year to explore the possibility of a merger, a GNFC release said here.

The boards of the two companies approved an exchange ratio of one share of GNFC for every three shares of NCPL on Tuesday. The appointed date of merger will be April 1 and the merger will be completed after the requisite formalities. GNFC holds 56.45 per cent equity in NCPL and the two companies are located on the same campus at Bharuch in south Gujarat. "In a post merger scenario, both the companies are optimistic that the new entity will enjoy the benefits of vertical integration, greater strategic clarity and an opportunity to plan for future growth with greater choices and a larger pool of combined resources."

More Stories on : Mergers & Acquisitions | Fertilisers

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