Date:14/05/2006 URL: http://www.thehindu.com/2006/05/14/stories/2006051402811300.htm

Business

1:1 swap for VIP-Blow Plast merger

Staff Correspondent

MUMBAI: The boards of directors of Blow Plast and VIP Industries (both Dilip Piramal Group companies) have approved the merger of Blow Plast with VIP Industries. The merger will be effective from April 1, 2006 and the share exchange ratio has been fixed at one equity share of VIP Industries for every equity share of Blow Plast.

VIP is Asia's largest luggage manufacturer, while Blow Plast has extensive marketing and distribution reach for luggage products.

The combined entity will be an integrated luggage company with significant presence in all the value chains.

Post-merger, the size of the entity will be around Rs. 500 crore.