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Tata Chemicals has received board’s approval to merge its Mauritius based wholly owned subsidiary firm, Bio Energy Venture with itself.
The company in a regulatory filing stated that, the merger aims at rationalizing foreign subsidiaries to ensure optimized legal entity structure and remove multiple record-keeping, thus reducing expenditure considerably.
Further it added that, no cash consideration is involved in this. There won’t be any change in shareholders and the shareholding pattern of the parent listed company and post merger, Tata Chemicals shares in Bio Energy Venture will stand cancelled.
