Home / Knowledge / News / Textiles / Aditya Birla Chemicals to be merged with Grasim Industries
Aditya Birla Chemicals to be merged with Grasim Industries
08
Jul '15
Kumara Mangalam Birla led Aditya Birla Chemicals (ABCIL) and a company of the Aditya Birla Group said it has received shareholders’ approval for merging the company with Grasim Industries.

“The merger between the two companies of Aditya Birla Group is being done in order to consolidate similar businesses under one roof,” ABCIL said in a BSE filing.

"The equity shareholders and unsecured creditors of the company have, at their respective meetings, approved the scheme of amalgamation of ABCIL with Grasim Industries,” the filing added.

“And this has been done with requisite majority and without any modification,” ABCIL informed.

Earlier in February, the Grasim Industries board had approved to give shareholders of ABCIL one share of Rs 10 each of Grasim for every 16 shares of Rs 10 each they hold in ABCIL.

At that time, Grasim had also said that it would issue 14.62 lakh new shares, which will increase its share capital to Rs 93.31 crore.

The proposed merger will consolidate Aditya Birla Group’s Chloro Alkali business into Grasim and strengthen its existing portfolio of viscose staple fibre, caustic soda and allied chemicals in a standalone company.

ABCIL is a leading producer of Chloro Alkali in India with three plants located in Jharkhand, Uttar Pradesh and Karnataka with an annual installed capacity of 2,93,000 ton of caustic soda.

Grasim is also one of the biggest manufacturers of caustic soda in India with an installed capacity of 452,500 tons per annum.

Its plants are located at Madhya Pradesh and a unit which was recently commissioned in Gujarat. (AR)

Fibre2Fashion News Desk - India

Must ReadView All

Courtesy: Kornit Digital

Textiles | On 28th Feb 2017

'Customisation is an advantage of digital printing'

Changing business models and companies' decision to reduce their...

Textiles | On 28th Feb 2017

China's textile & apparel exports up 10.2% in Jan 2017

Exports of textiles and garments from China resumed growth in the...

Apparel/Garments | On 28th Feb 2017

Delta Galil's Q4 operating profit jumps 80%

In the three months to December 31, 2016, operating profit at apparel ...

Interviews View All

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search