Orkala Group to merge its Indian subsidiaries

Mumbai, Oct 31 (UNI) The USD 10 million Orkla Group, the largest non-Government commercial entity in Norway, announced its decision to merge its Indian subsidiaries, Elkem India and Borregaard India, to form Elkem Borregaard India with a turnover of USD 32 million.

India is the first country where Elkem and Borregaard will merge to form a single entity.

Mr Stein Erik Hagen, Chairman, Orkla Group, and Mr Dag J Opedal, President and Ceo, Orkla Group, announced the decison at a function to inaugurate Elkem Borregaard's new headquarters in Vashi in Navi Mumbai. Crown prince Haakon of Norway inaugurated the new headquarters.

The event was also attended by a high-level ministerial delegation from Norway including Mr Odd Roger Enoksen, Norwegian Minister for Petroleum and Energy, Mr Dag Terje Anderson, Minister for Trade, Industry and Shipping, and Mr Jon Westborg, ambassador to India.

The new entity, Elkem Borregaard India, will have five Strategic Business Units and is targeting million in sales by 2010. With India now Orkla Group's key market, it is also expected to announce investments in India next year.

The company also announced that its global laboratory for development and testing of concrete, cement and related applications, has commenced operations in Turbhe, Navi Mumbai. All development and testing of Elkem micro-silica in concrete is now being done here.

All testing for Borregaard's lignin products for concrete and cement applications has also been moved there.

UNI JM MAZ AW2018