Indo Rama Synthetics board to mull merger of IRPL

MUMBAI: Madhya Pradesh-based Indo Rama Synthetics India Ltd on Thursday said it will consider the merger of Indo Rama Petrochemicals Ltd (IRPL) with itself.

In a filing on the Bombay Stock Exchange, Indo Rama Synthetics said that the board of directors in a meeting to be held on November 30 will consider, on principle, the proposed merger of Indo Rama Petrochemicals Ltd (IRPL) with itself.

IRPL, a non-listed closely held company, is in the advanced stage of commissioning of a coal fired captive power plant at Butibori, Nagpur, it added.

Shares of the company were trading at Rs 56, up 6.57 per cent on the BSE.