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HYDERABAD: The board of directors of Suryavanshi Spinning Mills Ltd (SSML) on Monday approved the proposal to merge with itself Suryavanshi Textiles Ltd, a garment manufacturing company, subject to the nod of shareholders and lenders besides other statutory approvals.

The company has informed the stock exchanges that as the promoters are common to both companies, the board as a matter of good corporate governance has constituted a committee of non-promoter directors to consider the valuation report to be submitted by consultants on the merger and give its recommendations.

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