Deccan Herald reported that the country’s largest iron ore producer NMDC expects the merger of Sponge Iron India Limited with itself to take place by December 2009 against the earlier target of October.
Mr Rana Som chairman of NMDC said that “I am hopeful that the merger will take place by the end of 2009.”
In a filing to the Bombay Stock Exchange, the mining major said that the Ministry of Corporate Affairs while hearing the petitions filed by the Company has fixed the final hearing date for the October 6th 2009.”
In June, the proposed merger received approval from the shareholders. The Steel Ministry had approved the proposal 2008. Post merger, NMDC plans to invest about INR 1,200 crore in the secondary steel maker SIIL. It plans to expand annual production capacity of SIIL and diversify it into making long steel products consumed primarily by the construction industry.
(Sourced from http://www.steelguru.com/news/index/2009/09/16/MTExOTIy/NMDC_and_Sponge_Iron_merger_likely_by_December_2009.html)
Tuesday, September 15, 2009
NMDC and Sponge Iron merger likely by December 2009
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