Sangam India approves merger with subsidiary

New Delhi, Sep 11: Sangam India Ltd (SIL) today said it has approved the merger of Sangam Processors Bhilwara Ltd (SPBL) with the parent company.

''The equity shareholders and secured/unsecured creditors of the company at their meeting held on September 10, 2006, approved the scheme of amalgamation of SPBL Ltd with SIL,'' the Bhilwara-based company said in a statement.

The merger of SPBL is part of business synergy to improve the operating margins of the fabric division, it said.

SIL, a manufacturer of polyester viscose dyed yarn and synthetic fabrics, exports its premium product range to Turkey, Belgium, Spain, West Asia and various other countries.

It has 172 looms installed, with a spinning capacity of 36,288 spindles and an annual production capacity of 13,844 tonnes of polyester viscose yarn.

UNI