New Delhi: Welspun Enterprises on Wednesday said the Gujarat high court has approved the merger of the company and three other subsidiaries with Welspun Projects.
The move is aimed at consolidating and simplifying corporate structure of Welspun Enterprises and its subsidiaries.
"High Court of Gujarat...Approved the Scheme of Amalgamation and Arrangement between Welspun Enterprises Ltd (WEL), Welspun Infratech Ltd, Welspun Plastics, Welspun Infra Projects and Welspun Projects and their respective shareholders and creditors," Welspun Enterprises said in a regulatory filing.
The board of directors of WEL and Welspun Projects had in their respective meetings held on November last had approved the "proposal of merger of WEL, Welspun Infratech, Welspun Plastic and Welspun Infra Project Ltd with WPL under the scheme of amalgamation and arrangement".
As the result of the proposed reorganisation, all the above mentioned companies will merge in Welspun Projects Ltd, Welspun Enterprises had said earlier.
