Indo Rama Synthetics board clears petrochem unit merger

New Delhi, Nov 30 (UNI) Indo Rama Synthetics India Ltd today announced that its Board of Directors has given its in-principle approval to the proposal of its petrochem unit, Indo Rama Petrochemicals Ltd (IRPL), with the company.

IRPL is an unlisted company and is in advanced stage of commissioning a 30 MW power project at Butibori, near Nagpur.

The detailed proposal alongwith approval of the scheme of merger, share exchange ratio and other related matters will be taken-up at a future board meeting of the company, a statement issued said.

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