Birla Corporation is planning to merge Talavadi Cements, a subsidiary in which it holds a 98 per cent stake, with itself. After considering the valuation report by chartered accountancy firm Ray & Ray and a fairness opinion report by SBI Capital Markets, the board has recommended a scheme of amalgamation. After this merger, the merged entity is likely to set up a 3-million-tonne cement plant along with a captive power unit.
The company has reported a PAT of Rs 45.99 crore in first quarter of financial year 2013-14, ended June 30, against Rs 84.74 crore in the corresponding quarter of the previous year.
