Bowing down to the demands of foreign institutional shareholders, Country’s largest paper manufacturer, Ballarpur Industries, simplifying its corporate structure, will transfer two paper units to a step-down subsidiary that would be listed overseas, as mentioned in some media reports. In a make-over, Delhi based company will exchange two copier paper making units for a rayon grade pulp mill, part of the unlisted BILT Graphics Paper Products (BGPPL).
The company witnessed a 11.39% growth in the revenue at Rs 291.15 crore for the quarter ended March 2012 as compared to Rs 261.37 crore during the year-ago period. A decline of 75.75% was reported in the net profit of the company for the March quarter, 2012 to Rs 2.26 crore from Rs 9.32 crore in the corresponding quarter of the previous year.
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