Chettinad Cement Corporation Ltd (CCCL) today said its two wholly-owned subsidiaries have completely merged with the company, following the approval of the scheme of amalgamation by Tamil Nadu High Court.
The two subsidiaries - Alagappa Cements Pvt Ltd and Valliammai Limes Pvt Ltd - have been duly amalgamated with the Chennai-based company, a part of South India Corporation, it informed the stock exchanges.
The Tamil Nadu High Court had issued an order to this effect on June 13 in Chennai, it said.
The accounts of the the two subsidiaries have also been merged with the company with effect from April 1, 2005, it added.
The company is known as one of the efficient cement producers in India, despite its small size. CCCL’s advantage is its low freight costs, with around 70 per cent of demand coming from customers in close proximity to the factory.