Edible oil manufacturer Ruchi Soya Industries today said its board has approved the merger of Mac Oil Palm, a firm belonging to the company\'s promoters\' group, with itself.

Under the scheme of amalgamation and arrangement, Mac Oil shareholders would receive 20 share of Ruchi Soya for every 67 equities held, Ruchi Soya Industries said in a statement to the BSE.

Mac Oil is engaged in the business of development of oil palm plantation and processing oilpalm fruits. Further, the board of Ruchi Soya also decided to pursue the implementation of agreements signed by the company with various state governments for promotion of oil palm plantation in various parts of the company.

Ruchi Soya wants to implement these agreements as part of its procurement rights, the company said.


Source : http://business-standard.com

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