The Hindu Business Line : HC okays Paradeep Carbons' merger with Goa Carbon

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Panaji Jan. 25 The Bombay High Court (Goa Bench) recently sanctioned amalgamation of Paradeep Carbons Ltd with Goa Carbon Ltd (GCL) with effect from July 1, 2005.

The GCL Board of Directors, a Dempo Group company and manufacturer of calcined petroleum coke (CPC), have approved the audited results for the second quarter and first half year ended December 31, 2006.

For the second quarter ended December 31, 2006, GCL recorded sales of Rs 6,321.31 lakh. The net profit for the period was Rs 245.48 lakh.

For the 6-month period ended December 31, 2006, the total sales figure of GCL stood at Rs 11,268.26 lakh. The company recorded a net profit of Rs 370.63 lakh for the same period.

Merger

Commenting on the performance, the GCL Chairman, Mr Shrinivas Dempo, has said, "Following the final merger of Paradeep Carbons with Goa Carbon, the company has chalked out plans for expansion and modernisation of all three plants. We have also received the in-principle approval of our board for installation of a power generation plant at all our locations. To start with, we shall install the plant at Paradip and would later install the same at Goa and Bilaspur too."

As far as the pricing goes, Mr Dempo said, "We are at a stage of renegotiation with our suppliers as well as our customers both in India and abroad and we hope to fetch good deals."

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