Kesoram to absorb 3 subsidiaries

By Our Staff Reporter

KOLKATA, APRIL 23. Kesoram Industries, the B. K. Birla flagship company, has decided to merge three of its subsidiaries with the promoting company.

Addressing mediapersons here today, senior president and secretary, Mr. S. K. Parik, said the company ``has agreed in principle'' for the merger of wholly owned Bharat General and Textile Industries (BGTIL). While the proposal is subject to clearance from all related authorities, the merger proposals with Hindustan Heavy Chemicals (HHC) and unlisted company and the group NBFC, Birla Century Finance, are now pending with PricewaterhouseCoopers ``for expert opinion and fixing the right exchange ratio''. KIL holdings in both companies are to the tune of 47 per cent and 21 per cent respectively.

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Section  : Business
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