Orbit approves amalgamation of subsidiaries

Mumbai, June 12 (UNI) Real estate player Orbit Corporation today announced the merger of its three subsidiaries into the parent entity.

The board of directors, which met today, approved the proposals to merge the subsidiaries -- Orbit Constructions Realtors, Orbit Buildcon and Realty and Orbit Housing, subject to statutory and regulatory approvals.

The amalgamation is intended to make the designing, technical, financial and managerial expertise available to each other to yield synergic benefits, cost reduction and efficiency, said a company statement.

The company had posted a profit after tax (PAT) of Rs 57.22 crore and total income of Rs 193.28 crore for FY07.

On a stand-alone basis, Orbit Corporation had posted a profit after tax of Rs 7.77 crore and total income of Rs 32.29 crore for the year ended March 31.

UNI