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Government considers Sponge Iron India Ltd (SIIL) -SAIL merger
26th August 2006: The government is considering merging of Hyderabad-based Sponge Iron India Ltd (SIIL) with SAIL whose profit dipped almost 85% in the previous fiscal.

The public sector unit had recorded a turnover of Rs 3.18 crore in 2005-06 as against Rs 20.33 crore in 2004-05, an official release said here on Friday.

Reviewing the quarterly performance of the company, Minister of State, Steel, Akhilesh Das advised the company to strive for value additions by exploring more and more mining sites and go for billet mining until it is merged with SAIL.

The merger, however, is subject to regulatory approvals, the release said.



Sebi okays merger of India Infoline Securities Private Ltd (IISPL) with India Infoline
22nd August 2006: India Infoline Ltd, a leading financial provider on Monday said it has received the requisite prior approval from the market regulator SEBI for the proposed merger of its wholly-owned subsidiary, India Infoline Securities Private Ltd (IISPL), with itself.

IISPL, which is into equity and derivative broking and a depository participant, is expected to merge with its parent company by the third quarter of the current financial year.

"The merger will triple the net worth of the securities broking business to over Rs 200 crore from Rs 70 crore at present," said Nirmal Jain, CMD India Infoline.

The company had earlier got in-principle approval from National Stock Exchange and the Bombay Stock Exchange.

It has also filed application for the merger with the Mumbai High Court.



Ministry of Company Affairs approves Bharat Petroleum Corporation Ltd (BPCL) and Kochi Refineries Ltd (KRL) merger
22nd August 2006: Kochi Refineries Ltd (KRL) got approval from the Ministry of Company Affairs to merge with petro giant Bharat Petroleum Corporation Ltd (BPCL). Informing the stock exchanges, KRL said the Ministry of Company Affairs, on August 18, sanctioned its proposed amalgamation with BPCL.

Under the Companies Act, 1956, which contains provisions for reconstruction and amalgamations, any amalgamation could be given effect only after its prior approval. In January 2005, boards of directors of BPCL and KRL had approved, the latter's merger with BPCL with a swap ratio of 4:9. At present, BPCL holds 54.68% stake in KRL.



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