"The board of directors of the company at its meeting held today (Friday) initiated a study to explore the possibility of a merger between the company and ACC Ltd, which could enable both the companies to combine their strengths of business so as to benefit all the stakeholders," it said in a statement.
The cement manufacturer further said the Board constituted a special committee of directors with majority of independent directors to consider the matter further.
It also clarified that no decision to merge has been taken at this stage. "..the same (possibility of merger) will be considered by the board once a recommendation is received from the special committee of directors and the audit committee," it added.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.