Ramsarup Industries buys Orissa mining firm
MUMBAI, Jan 31 (Reuters) - Steel wire maker Ramsarup Industries Ltd (RASW.BO: Quote, Profile, Research) said on Thursday it has bought out Balasore Minerals Co for an undisclosed sum.
Balasore Minerals has iron ore, limestone and dolomite mines in the eastern state of Orissa and the acquisition will ensure long-term supply of raw material to Ramsarup Lohh Udyog Ltd (RLUL), it said in a statement.
The firm's board also approved the merger of RLUL with itself in the ratio of 10 shares of Ramsarup Industries for every 25 shares held in RLUL, the statement said.
Ahead of the news, shares in Ramsarup Industries ended up 3.28 percent at 195.25 rupees in a weak Mumbai market. (Reporting by Kaustav Roy, editing by Harish Nambiar )
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