Financial Daily from THE HINDU group of publications
Wednesday, Nov 27, 2002
Financial Daily from THE HINDU group of publications Wednesday, Nov 27, 2002 |
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Corporate
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Mergers & Acquisitions NPIL proposes merger with Global Bulk Drugs Our Bureau
MUMBAI, Nov. 26 THE board of directors of the pharma company, Nicholas Piramal India Ltd will consider a proposal to merge Global Bulk Drugs & Fine Chemicals Pvt Ltd with itself in its meeting on November 29. According to a press release, the proposal for merger does not envisage issue of equity capital by Nicholas Piramal (NPIL). NPIL had invested Rs 39.5 crore in preference shares of Global Bulk Drugs, which will be redeemed in cash before the merger is effected. On receiving appropriate approvals for the merger, Nicholas Piramal's turnover on an annualised basis will go up by Rs 60 crore in the financial year 2002-03 primarily of exports, the release said. Global Bulk Drugs has exports to the European and Canadian markets and is expected to export to the US later this year.
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