Oricon Enterprises has received an approval to acquire 70% shares comprising 75,74,644 equity shares of Rs 10 each of Oriental Containers, its Joint Venture Company (JVC), engaged in the business of manufacture of packaging products, from OC Holding, Mauritius at a consideration of Rs 105.00 crore. The board of directors at their meeting held on March 16, 2015 had taken the note of it.
The above is subject to approvals and permissions, if any. The acquisition would be funded through the company’s internal resources and borrowings including interest free loans from directors. With this acquisition Oriental Containers will become its wholly owned subsidiary.
Oricon Enterprises is engaged in the business of manufacturing petrochemical products and developing real estate.
