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BANGALORE: HMT Ltd has decided to set up a taskforce to study the administrative, technical and financial issues of the merger of Praga Tools Ltd with it.

The taskforce has been given the mandate to come out with modalities for a smooth merger. HMT has also decided to appoint a consultancy firm to advise it on legal, taxation and other procedural issues regarding the merger and also to interact with the taskforce.

The move follows the decision of the Union Government to merge the Secunderabad-based Praga Tools with HMT.

(This article was published in the Business Line print edition dated November 23, 2005)
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