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Monday, July 7, 2008

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Two listed companies under the same ownership have received approval from the court for merger.

Tripti Industries, which has been in the red for the last five consecutive years, will amalgamate with Olympic Industries. The name of the new company will be Olympic Industries, according to officials.

The two companies received the approval last week from High Court Division of the Supreme Court following an appeal for merger.

Prior to getting the legal nod, board of directors of the two companies also approved the merger in two separate extra-ordinary general meetings last month.

The officials said the merged company has a plan to expand its businesses as part of a new business strategy. “We have already been working on setting up a new biscuit manufacturing unit with bigger capacity than the existing two units,” said a senior official of the company.

Each of the existing two biscuit manufacturing units has a production capacity of 1,000 tonnes of biscuits per month.

“We also plan to set backward linkage units such as flour producing plant,” the official said, adding that they currently buy flour as a raw material for biscuit production.

The merged company plans to restart edible oil and vanaspati ghee production units, which are not in operation under Tripti Industries, he said.

“We will utilise the resources of Tripti Industries, which is now a poorly performing company, to expand the growth of Olympic Industries,” he added.

The book closure date for entitlement of Olympic shares against Tripti shares has been fixed from July 16 to 20. From July 21, the two companies will be considered as one with the name of Olympic Industries.

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