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United Phosphorus gets approval for merger of its overseas subsidiary with itself

26 May 2011 Evaluate

United Phosphorus has received board’s approval for merger of its overseas subsidiary United Phosphorous (Mauritius) into itself. The company received the approval at its board meeting held on May 25, 2011.

Further, the scheme is subject to and conditional upon the requisite approvals being / to be received thereof, including the approval of the shareholders , sanction of the High Court of Gujarat at Ahmedabad, pursuant to the provisions of sanction 391 to 394 of the Companies Act, 1956.

The company has registered fall of 13.12% in its net profit from Ordinary Activities after tax for the year ended March 31, 2011 at Rs 157.50 crore as compared to Rs 181.29 crore for the year ended March 31, 2010. Its total income has increased by 16.65% at Rs 3064.68 crore for the year ended March 31, 2011 from Rs 2627.34 crore for the year ended March 31, 2010.

On consolidated basis, the group’s net profit after tax with Income / (Loss) from Associates Companies for the year was up by 5.98% at Rs 557.64 crore as compared to Rs 526.16 crore for the quarter ended March 31, 2010. Total income for the year ended March 31, 2011 has increased by 7.38% at 5898.16 crore as compared to Rs 5492.79 crore for the corresponding quarter of the previous year.

United Phosphorus is the largest Indian agrochemical company and is engaged in research, manufacturing, selling and distribution of agrochemicals and specialty chemicals across the globe.

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