Mangalam merger approved, India

Mangalam merger approved, India
Published: 25 August 2010

BK Birla Group company Mangalam Cement on Tuesday said its board has given in-principle nod for the merger of sister firm Mangalam Timber Products with itself.



In a statement to the Bombay Stock Exchange, Mangalam Cement also informed that the board has also gave its go ahead for the appointment of the consultancy firm Ernst and Young to give "their expert opinion on the valuation as well as recommending the fair exchange ratio".



Group patriarch BK Birla had last month said though he was in favour of merging the two outfits, "but others are not willing", indicating the directors of profit making Mangalam Cement.