Financial Daily from THE HINDU group of publications
Wednesday, Mar 27, 2002
Financial Daily from THE HINDU group of publications Wednesday, Mar 27, 2002 |
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Corporate
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Mergers & Acquisitions Nod for Torrington, NRB Bearings merger Our Bureau
MUMBAI, March 26 NRB Bearings Ltd has informed the Bombay Stock Exchange that the board of directors at its meeting held on March 25, approved the scheme of amalgamation of NRB Torrington Ltd with NRB Bearings Ltd with effect from April 1, 2001. NRB Torrington Ltd started as a 50:50 joint venture between NRB Bearings Ltd and Torrington Holdings Inc, US for the manufacture of wide inner ring bearings used in a wide range of industries. In March 2002, Torrington Holdings decided to exit from the joint venture and its holdings were purchased by NRB Bearings Ltd. The necessary consent from Reserve Bank of India for the transfer has been obtained. NRB Torrington is currently a 100 per cent subsidiary of NRB Bearings Ltd. Both the companies are now under the same management and it is felt that the merger of both the companies will lead to synergies of operations for mutual benefit.
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