Blow Plast Ltd to merge with VIP Industries Ltd
Mumbai, May 12 (UNI) The Directors of V I P Industries Ltd and Blow Plast Ltd today approved merger of Blow Plast Ltd with V I P Industries Ltd. The merger is proposed to be effective from April one 2006.
The Directors of both the Companies also approved a share exchange of 1:1, that is one equity share of V.I.P. Industries Ltd for every one equity share of Blow Plast Ltd,the press said hete today.
Explaining the rationale behind the merger, Mr Dilip Piramal, chairman V I P Industries said in a statement,''We will achieve optimum utilisation of various infrastructure and service facilities and integrate our management activities,thus achieving reduction and better control of costs. The merged entry will emerge as a leader in the global luggage industry,leveraging on innovation and a strong marketing strategy.'' UNI AR PM SKB1858