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Ciba Speciality board approves merger of arms

Our Bureau

MUMBAI, Dec. 8

THE board of Ciba Speciality Chemicals India Ltd has approved the scheme of amalgamation of its subsidiaries, Pigment Specialities India Ltd (PSIL) and Indo-Swiss Textile Chemicals Ltd (ISTCL) into itself.

The company today informed the Bombay Stock Exchange of this development.

Pigment Specialities was a joint venture company with IDI Ltd (a Y.N. Mafatlal group company) before becoming a wholly-owned subsidiary of Ciba Speciality in December last year.

The company had, on November 17, 2000 deferred the plans to amalgamate the two subsidiaries. It had planned to amalgamate the two subsidiaries into itself in October and was to complete the scheme of amalgamation in the next six months.

Ciba Speciality Chemicals had bought out, by mutual agreement, IDI's 49 per cent stake in Indo-Swiss Textile Chemicals in August this year.

Ciba Speciality had posted a 52 per cent increase in net profit to Rs 18.10 crore on a 47 per cent rise in sales to Rs 453 crore for the year ended March 31, 2000 as compared to the previous fiscal.