Indo Asian Marketing to merge with Indo Asian Fusegear
Indo Asian Marketing Pvt Ltd today announced its merger with Indo Asian Fusegear Ltd, as part of its restructuring plans to tap further growth opportunities.
Indo Asian Marketing Pvt Ltd today announced its merger with Indo Asian Fusegear Ltd, as part of its restructuring plans to tap further growth opportunities.
"Indo Asian Marketing Private Limited to merge with Indo Asian Fusegear Limited and post merger the metering, institutional business and proposed power business to be demerged to Advance Metering Technology Limited," the company said in a statement.The Board of Indo Asian Fusegear Limited, which is engaged in manufacture of lighting and lighting accessories, wires and cables, energy meters etc, has approved the demerger of its metering, institutional and proposed power business to Advanced Metering Technology Ltd (AMTL), from April 1, 2011.After completion of the demerger, shares of AMTL would be automatically listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE)."After demerging our Metering, Institutional Business and proposed Power business into a separate company, we foresee faster growth for Wires, Cables, Wiring Accessories and Power Conservation products for which investments are allocated for adopting new products and new designs," V P Mahendru, CMD, Indo Asian Fusegear Limited, said."The demerger is being carried out to provide AMTL more opportunities for strategic partnerships. The move would also help AMTL in deriving greater flexibility in fund raising capability for future growth," P K Ranade, Joint Managing Director, Indo Asian Fusegear Limited said.The demerger would result in issuance of equity shares to the shareholders of Indo Asian Fusegear Limited in such a manner that all the shareholders become shareholders in the two companies. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
