Business Daily from THE HINDU group of publications
Sunday, Feb 03, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Sunday, Feb 03, 2008 ePaper | Mobile/PDA Version |
|
|
|
|
|
|
|
Corporate
-
Mergers & Acquisitions Ramsarup Ind buys Balasore Minerals Our Bureau Kolkata, Feb. 2 Ramsarup Industries Ltd, producer of steel wires, has taken over Balasore Minerals Co, which has iron ore, limestone and dolomite mines located in neighbouring Orissa. According to a statement issued by the company here, the acquisition will ensure regular and long-term availability of raw material for Ramsarup Lohh Udyog Ltd (RLUL), the steel producer in the Group. RLUL has also received confirmation of a long term coal linkage from the Union Ministry of Coal. The Ramsarup Industries board has also approved the merger of RLUL with itself, and the necessary regulatory approvals from authorities are now awaited. The merger is expected to come into effect retrospectively from April 1, 2007. Share swap ratio has been fixed at 10 equity shares of Ramsarup Industries Ltd for 25 equity shares of RLUL. Mr Ashish Jhunjhunwala, CMD, Ramsarup Ind, said the company was moving ahead with its expansion plan, involving a new wire facility at Durgapur. Q3 net up 15%Ramsarup Industries, for the quarter ended December 31, 2007, has recorded a 15.21 per cent increase in profit after tax at Rs 15.98 crore against Rs 13.87 crore achieved during the corresponding period of previous fiscal. Net sales for the quarter had increased to Rs 388 crore (Rs 302.6 crore). More Stories on : Mergers & Acquisitions | Minerals | Steel
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
 |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2008, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|