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Globus Spirits gets High Court approval to merge ADL with itself

Globus Spirits gets High Court approval to merge ADL with itself
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First Published: Fri, Sep 02 2011. 10 34 PM IST
Updated: Fri, Sep 02 2011. 10 34 PM IST
New Delhi: Noida-based Globus Spirits Limited, a spirits and country liquor said that it has received the Delhi high courts approval for merger of Associated Distillers Limited (ADL) with itself.
“The merger is expected to result in a stronger footprint in the country liquor segment across Haryana and Delhi and also augment our contract manufacturing business,” said Ajay Kumar Swarup, managing director of Globus Spirits.
The merger will also bring operational synergies and efficiencies and strengthen Globus Spirts’ position as a cross-segment player in the alcohol beverages (alcobev) sector in the country. Globus Spirits currently operates two modern and fully integrated distilleries at Behror, Rajasthan and Samalkha, Haryana, which have a combined capacity of 70 million bulk litres (BL) per annum. Post-merger capacity of Globus Spirits has increased to 84.4 million BL.
The approval follows the Board of Directors in decision in the second quarter of fiscal 2011 on a going concern basis, with effect from 1 April, 2010.
The valuation study was independently conducted by Ernst & Young (E&Y).
Shares of Globus Spirits on Friday closed at Rs 121.50 on the Bombay Stock Exchange, down 0.49% from its previous close whereas the BSE closed at 16,821.46 up 0.87%.
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First Published: Fri, Sep 02 2011. 10 34 PM IST