Gemmia Oiltech (India): Board meeting on Sept 17, 2014

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26 Aug, 2025 12:21

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Gemmia Oiltech (India) Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on September 17, 2014, to discuss the following:1. To consider and discuss the recommendations of the committee headed by Mr. A. Srinivas, Director and Mr. Arunagiri, Director, about the Acquisition / Merger / Business Transfer Agreement with Naftogaz India Private Limited (NIPL).2. NIPL has successfully completed various contracts with ONGC and other oil Companies in India and abroad. It has an order book for over INR 2500 crores to be completed over a period of next three years, and these contracts comes with a reasonable profits between 5-8% net, i.e. to the tune of INR 100 - 120 crores annually over a period of next three years.3. The Company will also use the strength of NIPL to do Global business and leverage its assets to achieve a topline of INR 10,000 crores in the next five years.4. Based on these, the Board and the Committee will discuss the Committee's report, for future course of action.5. Once the Committee's report has been accepted, a proposal will be sent to NIPL's creditors including their Bankers.Source : BSE

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