Ricoh gets approval for merger
Publish Date : 4/30/2005 12:47:00 PM Source : Moneyplans.net Staff
Domestic office automation giant Ricoh India Limited Friday said it has got the approval of the Mumbai High Court for merging Gestetner India with the company.
Gestetner and Ricoh had announced their merger into a single entity in August last year. The boards of both the companies had approved the feasibility of the merger.
The share-swap ratio had been recommended at 1:6 whereby six shares of Ricoh would be get one share of Gestetner. The merger decision had been taken to maximise the operational efficiencies and leverage the core strengths.
Both the companies are the subsidiaries of $18 billion Japanese automation major Ricoh and command a 22-percent domestic market share for digital multifunctional copiers.
The merged entity is aiming at doubling sales to Rs.3 billion ($68.18 million) with 30 percent market share by 2007.
--Indo-Asian News Service