Financial Daily from THE HINDU group of publications
Monday, Dec 16, 2002
Financial Daily from THE HINDU group of publications Monday, Dec 16, 2002 |
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Mergers & Acquisitions Corporate - Mergers & Acquisitions Apollo still keen on Nocil division K.R. Srivats
NEW DELHI, Dec. 15 TRUCK and bus tyre major Apollo Tyres Ltd (ATL) is still interested in acquiring the rubber chemicals division of National Organic Chemicals Ind Ltd (Nocil), the Chairman and Managing Director of ATL, Mr Onkar Kanwar, has said. "The earlier MoU is no longer in force and we have got back the money. But the Nocil Deputy Chairman, Mr Rishikesh A. Mafatlal, has promised me that I would be informed as and when they are in a position to sell the division," Mr Kanwar told Business Line here. In 1998, the Apollo group had almost acquired the division for about Rs 57 crore. The division was to have been demerged into a separate company as part of the trifurcation of Nocil's businesses. The MoU fell through on account of problems encountered by Nocil in executing its restructuring plans.
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