Tata Chemicals today received board's approval to merge its Mauritius-based wholly owned subsidiary firm Bio Energy Venture with itself.
The merger is aimed at rationalising foreign subsidiaries to ensure optimised legal entity structure and eliminate multiple record-keeping, thus reducing expenditure considerably, the company said in a regulatory filing.
There is no cash consideration involved. After the merger, Tata Chemicals shares in Bio Energy Venture will stand cancelled, it said.
There will not be any change in shareholders and the shareholding pattern of the parent listed company, it added.
The net worth of Bio Energy Venture was Rs 3,347 crore as on March 31, 2017, while that of Tata Chemicals stood at Rs 7,046.70 crore in the same period.
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