Ultratech Cement Ltd has announced that Ultratech Cement Ltd has received a consolidation proposal from Samruddhi Cement Ltd a wholly owned subsidiary of Grasim Industries Ltd.

Grasim has proposed to de merge its cement business to Samruddhi pursuant to a scheme of arrangement under Sections 391-394 of the Companies Act 1956, subject to necessary approvals.

A meeting of the Board of Directors of the Company has been convened on October 6th 2009 to consider the aforesaid proposal.

(Sourced from Equity Bulls)