Ashco Industries approves merger of Niulab Equipment Co Pvt Ltd

Ashco Industries Ltd has announced that the Board meeting convened on November 19, 2007, to consider the Scheme of Amalgamation was adjourned to November 20, 2007.

At the adjourned Board meeting held on November 20, 2007, the Board approved the scheme of Amalgamation of NIULAB Equipment Co. Pvt Ltd (Transferor Company) with the Company (Transferee Company) subject to approval of Shareholders, Mumbai High Court and other regulatory authorities.

Transferor Company achieved a turnover of Rs 43.19 Cr and PAT of Rs 1.69 Cr during 2006-2007. During Apr-Sep 2007, Transferor Company did exceedingly well and clocked Rs 22.05 Cr in topline and Rs 2.01 Cr in bottomline. Niulab has 137 highly skilled and experienced employees.

The proposed amalgamation provides high level of qualitative synergies between the two Companies. The merged entity is expected to register gross revenue of Rs 100 Crores and PAT of Rs 10 Crores. The merged entity shall have better International and National presence.

Source : Equity Bulls

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