Indian Metals & Ferro Alloys today announced that the board of directors of the company at its meeting held on May 11, 2009, has considered and approved a scheme for acquisition of the Ferro Alloys Division (FAD) of Utkal Manufacturing & Services (UMSL), one of the associate companies.
The scheme of arrangement will provide for the demerger and vesting of the FAD of UMSL into the company. The acquisition of the FAD of UMSL would result into consolidation of Ferro Chrome business under one single entity as well as adding strength to the company`s financials.
Source: Myiris
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