Tata Chemicals to merge Mauritius based arm HIPL with itself
New Delhi: Tata Chemicals Tuesday announced merger of its Mauritius-based wholly-owned subsidiary Homefield International with itself.
In a filing to the BSE, Tata group firm said that the board in its meeting held on February 8, "approved the scheme of amalgamation of Homefield International Pvt Ltd (HIPL), (Mauritius) with the company".
HIPL is a wholly-owned subsidiary of the company with its registered office in Mauritius. It was incorporated in 2005 and the principal activity of the company is to hold investments.
The appointed date of the amalgamation scheme is April 1, 2013.
Upon the scheme coming into effect, the assets and liabilities of HIPL would be transferred and vested in Tata Chemicals and all shares of HIPL would stand cancelled.
"No shares of the company will be issued and allotted in lieu or exchange of the Equity Shares of HIPL," Tata Chemicals said.
The amalgamation scheme would be subject to regulatory approvals in both India and Mauritius, it added.
Tata Chemicals, a part of Tata Group, is a leading manufacturer of chemicals, fertiliser and food additives.
It is the world's second largest producer of soda ash with manufacturing facilities in Asia, Europe, Africa and North America.