Mumbai: Essar Oil on Friday said its shareholders will meet on 21 October to consider the amalgamation of Essar Oil Vadinar with itself that would lead to cost savings and reduction in the duplication of administrative efforts.
The Gujarat high court has directed shareholders of the company to meet on 21 October for the purpose of considering the scheme of amalgamation of Essar Oil Vadinar Ltd with Essar Oil, the company said in a filing to Bombay Stock Exchange.
Essar Oil is involved in exploration, refinement and marketing of petroleum products.
The above amalgamation would lead to cost savings and reduction in the duplication of administrative efforts, a company official said.
The business of Essar Oil Vadinar can be run more viably and economically by Essar Oil and the proposed amalgamation would help achieve economy and efficiency in the business by combined use of resources, the official added.