BK Birla for Mangalam Timber, Mangalam Cement merger
July 1st, 2010 - 6:42 pm ICT by IANSKolkata. July 1 (IANS) Basant Kumar Birla, chairman of B.K. Birla Group, is in favour of merging two group companies, Mangalam Timber and Mangalam Cement.
Loss-making Mangalam Timber’s board May 3 recommended merger of the company with Mangalam Cement. But the latter in a communication to the bourses May 12 had sought more information from Mangalam Timber for examining the merger issue.
“Directors and labourers are objecting to the merger proposal so I told my people since I have the majority holding it would not be a problem to go ahead with it,” Birla told reporters on the sidelines of the annual general meeting of Kesoram Industries.
Birla’s grand-daughter Vidula Jalan and Anshuman Jalan are managing the companies now. “They want to wait for few months before amalgamation,” he said.
He further said he wants to increase the promoter’s stakes of both the companies from present around 30 to 40 percent.
Mangalam Timber, which makes fibre boards, suffered a loss of Rs.1.23 crore in 2009-10 while Mangalam Cement earned a profit of Rs.118 crore.
- Mangalam Timber offers merger with Mangalam Cement - May 03, 2010
- 'Kumar Mangalam will take charge of Kesoram when required' - Jul 05, 2011
- Birla to raise promoters' stake in group firms - Jun 27, 2009
- Kesoram plans to invest Rs.2,000 crore in 15 months (Lead) - Jun 26, 2009
- Kumar Mangalam to head Kesoram after B.K. Birla - Jun 26, 2009
- Kesoram Industries to invest Rs.1,125 crore - Jul 01, 2010
- BK Birla to continue as chairman of the group - Jul 01, 2010
- Kesoram posts Rs.26 crore profit in Q4 - Apr 28, 2010
- Kumar Mangalam Birla has no plans to join Kesoram board - Feb 18, 2010
- State-run telecom operators turn red - Aug 17, 2011
- Kesoram Industries posts net profit of Rs.36.83 crore - Jan 28, 2010
- Kinetic Engineering and Kinetic Motor to merge - Dec 09, 2011
- Birla Corp Q1 net profit down at Rs.118.28 crore - Jul 21, 2010
- Lockout at Birla Tyres' Balasore unit - Jul 16, 2010
- Birla wrote letter to PM: Ex-telecom regulator - Mar 16, 2012
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