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Mumbai June 12 Mumbai-based construction company Orbit Corporation Ltd on Tuesday announced the merger of its three subsidiaries into itself. The company's board approved proposals for the merger of Orbit Constructions and Realtors Pvt Ltd, Orbit Buildcon and Realty Pvt Ltd and Orbit Housing Pvt Ltd Orbit Corporation (with effect from April 1, 2007), subject to statutory and regulatory approvals.

Mr Pujit Aggarwal, Managing Director, said, "The amalgamation with Orbit Corporation Ltd is part of our business synergy. We believe that making the designing, technical, financial and managerial expertise available to each other would lead to synergistic benefits, cost reduction and efficiency and attaining competitive edge in the industry, thereby contributing to significant future growth."

On a consolidated basis, the company posted a profit after tax of Rs 57.22 crore and a total income of Rs 1,93.28 crore for the year ended March 31, 2007. Orbit Corporation caters to high-end residential and commercial properties. It focuses primarily on re-development of existing properties at prime locations in Mumbai.

The company stock on the BSE closed at Rs. 223.95 on Tuesday, down 5.37 per cent over the previous day.

More Stories on : Mergers & Acquisitions | Real Estate & Construction | Maharashtra

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