Godrej to demerge FMCG line

The Board of Directors of Godrej Soaps Limited has given their approval to demerge its consumer products department into a new Company. The main reason for the demerge is that it is likely to turnaround the results of the companies as well as increase the shareholders value, as explained by the Chairman Mr. A.B. Godrej. As a result of the demerge a shareholder having one share of Godrej Soaps will have a share each of the Consumer Products and chemical business respectively.

ICRA and CARE likely to merge in near future.

Credit Analysis and Research and Investment Information and Credit Rating agency of India Limited (ICRA) the prime credit rating agencies of India are likely to merge in the near future. Representatives of Moody’s Investor services, who hold 11% of CARE are in India to initiate talks with IDBI, who is the controlling stakeholder in CARE to work out the possibility of the Merger Mr. Gyan Prakash Gupta Chairman and Managing Director of IDBI at its AGM said that the board of IDBI had given its nod to the merger. The reason for the merger is to create a rating agency whose incremental market-share will exceed that of CRISIL. The combination will help CARE to strengthen its presence in the advisory and information services business.

Sun Pharma Board approves merger of its subsidiary Sun Pharma Exports into itself

The board of Directors of Sun Pharma has approved the merger of Sun Pharma Exports into itself and also approved a ratio of 4 equity shares of SPIL for 5 shares of Sun Pharma Exports Limited. The merger will be effective from 1st April 2000. Sun Pharma at present holds 99.28% of Sun Pharma Exports and Sun Pharma will further issue 11,438 equity shares to the remaining shareholders of Sun Pharma Exports Ltd. The total exports of Sun Pharma including that of Sun Pharma Exports for the year ended was Rs. 113.69 crores up 27% over that of the previous year. The board also approved the audited accounts for the year ended March 2000 and total sales stood at Rs. 476.42 crores and the net profit stood at Rs.90.67 crores.