Mumbai, Feb 8 (PTI) Shareholders of top paints and coatings company Akzo Nobel India Ltd have approved a scheme of amalgamation involving three Group companies. As per the scheme, Akzo Nobel Coatings India Pvt Ltd, Akzo Nobel Car Refinishes India Pvt Ltd and Akzo Nobel Chemicals (India) Ltd will merge with Akzo Nobel India Ltd. An overwhelming majority of 91 per cent of the members present in person or by proxy voted in favour of the resolution, Akzo Nobel India said in a release here today. The meeting of shareholders to consider a resolution on the proposed merger was called on direction of the Calcutta High Court, it said. The approval of the merger is an important milestone in the ongoing amalgamation process. It reinforces the confidence of most shareholders in Akzo Nobel India's strategy for creating a euro 1 billion business by 2015 by consolidating business and position itself as an integrated coatings solutions provider, the release said. "The merger will give us the benefit of superior, state-of-the-art technology and R&D capabilities, along with operating and financial synergies," Akzo Nobel India Managing Director Amit Jain said. "We are sure the merger will create competitive advantage for our business and drive increased shareholder value." The proposed amalgamation will become effective on receipt of statutory and other approvals, the release added.
