Aarti board approves merger of Anushakti's manufacturing unit

MUMBAI: The Board of Directors of Aarti Industries, a leading manufacturer and exporter of chemicals and pharmaceuticals has given an in-principal approval to formulate a scheme for merger of manufacturing division of Anushakti Chemicals and Drugs Ltd with itself, a company statement said here.

Aarti Industries holds 49.6 percent equity stake in Anushakti which is mainly engaged in manufacturing speciality chemicals.

The company has its manufacturing units at Bhachau in Gujarat as well as Tarapur and Dombivali in Maharashtra.

For the financial year ended March 31, 2012, Anushakti Chemicals manufacturing division had posted a turnover of Rs 339.5 crore, which includes exports of Rs 99.2 crore and profit before tax of Rs 39.2 crore.

Aarti Industries Ltd (AIL) has recorded a jump of 26.75 percent in standalone net profit to Rs 28.24 crore for Q4 FY12, as compared to Rs 22.28 crore in the corresponding quarter of previous fiscal.