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Our Bureau

Mumbai , March 9

Blow Plast Ltd and VIP Industries Ltd, both from the Dilip Piramal group, today said that their boards have constituted committees to evaluate a potential merger of the two companies.

The committees would also appoint independent valuers to value the companies and recommend a share exchange ratio. A likely merger of Blow Plast and VIP Industries has been talked about for some time now. In an interview in December 2004, Mr Dilip Piramal, Chairman of both companies, had said: "There have been suggestions on merging them and at an appropriate time both the boards will consider the option." VIP Industries, which had earlier acquired the UK-based Carlton, is the world's second biggest luggage manufacturer.

According to reports, its domestic market share was a little over 60 per cent. There has been competition from Samsonite, imports from China, and a lot of small local players.

More Stories on : Mergers & Acquisitions | Plastics

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