India’s largest sugar firm Bajaj Hindusthan today said its board of directors has approved the merger of its two wholly-owned subsidiaries with the company.
In a filing to the BSE,Bajaj Hindusthan said the board has “approved the proposal of amalgamation of Bajaj Eco-Tec Products (a wholly-owned subsidiary of the company) and Bajaj Aviation (a wholly-owned subsidiary of Bajaj Eco-Tec) with the company”.
The merger of these two subsidiaries with parent company is aimed at consolidating the businesses to reduce overheads and other costs,a senior company official said.
Bajaj Eco-Tec Products manufactures particle boards used in the building and construction industry,while Bajaj Aviation has one aircraft that is being run on lease,the official added.
Bajaj Hindusthan has 14 sugar plants in Uttar Pradesh with a daily cane crushing capacity of 1.36 lakh tonne.
It has also forayed into power business and is setting up five new coal-based power plants in UP with total power generation capacity of 450 MW at a cost of Rs 2,300 crore.
That apart,the company through a consortium is setting up two mega thermal power projects with a capacity of 1,980 MW each.