Anil Group announces restructuring of businesses

AHMEDABAD: Diversified business conglomerate Anil Group on Tuesday said its Board has approved the restructuring of its Rs 1,000 crore-plus businesses in a move to consolidate its operations for better returns.

In a meeting held yesterday, the Board of Directors of the company approved the restructuring plan, Anil Group said in a statement.

The proposed re-alignment of the Group's businesses is expected to be completed by the end of this financial year after all the requisite approvals from shareholders, regulators, creditors of the companies, the High Court of Gujarat and other concerned agencies are obtained, it said.

"The proposed realignment will bring synergies between similar businesses thereby putting them on an accelerated growth path. This exercise will also enhance value creation of all related businesses," Anil Group Chairman and Managing Director Amol Sheth said.

As per the restructuring plan, the existing Anil Biolplus Ltd that deals in corn wet milling and bio-industrials would be brought under the umbrella of Anil Lifesciences Ltd.

While Anil Infraplus will be merged into Anil Ltd, Anil Technoplus (presently a subsidiary of Anil Infraplus) will become a subsidiary of Anil Ltd after this realignment.

The company said it has undertaken a major restructuring initiative so as to consolidate the different synergistic businesses, add value and higher returns to its stakeholders. The group's businesses focus on manufacturing of food, animal feed, textile, paper, pharma, bio-industrial products among others. It has presence in 40 countries.