Elder Pharma shelves plan to merge Elder Projects with itself

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New Delhi, Mar 27 (UNI) Elder Pharmaceuticals Ltd today said in view of the implications and impact of certain recent budget notifications on central excise duty on pharmaceutical products, it has decided to shelve the proposed merger of Elder Projects Ltd with itself.

The company in a statement said its Board met today to discuss the alignment of business in two broad heads, namely, Pharmaceuticals and Consumer Products Division and merger of Elder Projects Ltd with the Company.

''In view of the implications and impact of certain recent budget notifications on central excise duty on pharmaceutical products, as interpreted and clarified now, which would not currently render any strategic advantage to the Company, it has been decided by the Board not to go ahead with the proposed merger of Elder Projects Ltd with the Company and the proposal stands cancelled,'' said the statement.

As regards alignment of business, the Board has decided not to disturb the present working regime and accordingly the proposed realignment of business is cancelled, it added.

UNI PBB SR KN2032

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