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Decks have been cleared for the merger of Secunderabad-based Suryalakshmi Cotton Mills Limited (SCML) and its wholly-owned subsidiary, Suryakiran International Limited (SKIL).
SCML on Wednesday informed the BSE that the Andhra Pradesh High Court had sanctioned the scheme of amalgamation.
Established in 1962, SCML manufactures cotton and synthetic yarn, while SKIL is engaged in the production of and sale of denim garments.
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The amalgamation will lead to forward integration of denim into garmenting facility besides providing administrative advantages like simpler reporting and simplified compliance requirement.
In 2013-14, SCML posted a turnover of Rs 712 crore and a net profit of Rs 11.71 crore.
