The Hindu Business Line : BILT board to take up merger issue tomorrow

A MEETING of the board of directors of Ballarpur Industries Ltd (BILT) has been convened on October 10 to consider the scheme of amalgamation of BILT Graphic Papers Ltd, a subsidiary of BILT, and Paperbase Company, a wholly owned subsidiary, with the company.

BILT Graphic Papers, previously Sinar Mas India, became a subsidiary of BILT during the year ended June 30, 2002, Mr B. Hariharan, Group Finance Director, BILT, told Business Line here. BILT had come up with a rights issue to part-finance the acquisition of Sinar Mas India.

The board is also expected to discuss the issue of closure of Unit Bengal Ingot and the future course of action for Unit Choudhwar (Orissa) that was recently closed. Further, various options of capital infusion are also expected to be discussed at the meeting.

Mr Hariharan indicated that the Unit Choudhwar may not be re-opened. "The Choudhwar unit has small capacity and it is not going to give us the desired results in the coming days," he said.

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