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Tuesday, July 24, 2001

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American Remedies, DRL merger complete

Our Bureau

HYDERABAD, July 23

DR Reddy's Laboratories Ltd (DRL) has announced here on Monday that the merger of American Remedies Ltd (ARL) with it has been completed with both Chennai and the Hyderabad High Courts approving the scheme of amalgamation. The merger would come into effe ct retrospectively from April 1, 1999.

Earlier during March 1999, the boards of DRL and ARL, at separate meetings, approved the proposed scheme of merger at a swap ratio of one share of DRL for every 12 shares of ARL.

Subsequently, the DRL shareholders approved the merger at a court-convened general meeting on May 31, 1999, while ARL shareholders cleared the scheme at their meeting held on July 15, last year.

In a press communique, DRL stated that the marketing and sales teams of both the companies were integrated during the current fiscal year. Further, the combined team was divisionalised into four operational groups -- Xenura, Recura, Acqura and Natura -- with each group focussing on specific therapeutic segment.

Following the merger of ARL with it, the turnover of DRL in the domestic formulations market stands at Rs 361 crore for the fiscal ended March 31, 2001. According to the DRL release, the brand portfolios of two companies strongly complement each other.

DRL, which currently holds 87 per cent equity in ARL, expects the merger to enhance its retail penetration by strengthening trade network across the country.

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