Novopan drops amalgamation plan

Industry:    2016-04-03

Novopan Industries Ltd has decided to drop the proposal for amalgamation of Vertex Projects Ltd (erstwhile GVK Projects Ltd) along with its wholly owned subsidiary, GVK Aviations (P) Ltd (transferor companies) with itself (transferee).

The board, which met on July 30, was of the view that there was lack of synergy in the businesses (i.e. constructions & aviation) of transferor companies & business (i.e. manufacturing) of transferee company.

print
Source: