Indo Rama's petrochem unit to merge with the company

Mumbai, Nov 23 (UNI) Textile firm Indo Rama Synthetics India Ltd said today that its board will meet on November 30 to consider a cost-saving move by merging Indo Rama Petrochemicals with itself.

Informing the BSE, the company said the petrochemical unit was involved in the building of a 30-megawatt captive power plant for Indo Rama.

According to market intelligence, there will be major financial gains by the merger of petrochem unit with the company, to an extent of over Rs 13-14 crore rupees every year on costs and various taxes.

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