The Board of Directors of Hindalco Industries Limited and Indo Gulf Corporation Ltd, the Aditya Birla Group Companies in their earlier meetings of 21st July 2002 had approved the restructuring proposal relating to the consolidation of the copper business of Indo Gulf with Hindalco and the demerger of Indo Gulf's urea fertilizer business as an independent entity.
The Boards of these Companies in their respective meetings today have taken the process to its conclusion.
While the Boards had approved the amalgamation with Hindalco with 1st April 2002 as the appointed date, the Board of Directors of Hindalco have made the scheme effective from 12th February 2003 having received all the necessary approvals.
The Board of Indo Gulf have set the record date as 13th March 2003. Accordingly one share of Hindalco will be issued to the shareholders of Indo Gulf for every 12 shares held by them as on the record date.
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Dr Pragnya Ram,
Aditya Birla Group,
+91 (22) 284 5826