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Our Bureau

Mumbai , Feb. 16

THE board of Hindustan Lever Ltd has approved that Bon Ltd, a wholly owned subsidiary of the company, will be the transferee company to acquire HLL's Sewri plant.

This facility is involved in the manufacture of soap and soap intermediates, as a going concern with continuity of service of all workmen.

"Bon Limited will be suitably recapitalised with a mix of equity and debt, consistent with investments required to be made in the acquisition of the undertaking.

The effective date of transfer will be communicated in due course,'' HLL said in a news release.

HLL's shareholders have already approved the transfer of the undertaking, through a postal ballot, the results of which were announced on December 30, 2004.

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