Wipro to merge Yardley unit with itself

Diversified group Wipro today said its board has recommended merger of Wipro Yardley Consumer Care with itself.

Wipro Yardley Consumer Care was formed after Wipro Consumer Care, which sells products like the Santoor brand of soaps, acquired personal care brand Yardley from the England-based Lornamead Group for about Rs 214 crore last November.

"The Wipro board had recommended merger of Wipro Yardley Consumer Care with Wipro at a meeting on April 23, 2010," the company said in a filing to the Bombay Stock Exchange.

The company said the merger is subject to the approval of shareholders, creditors and the high courts of Karnataka and Bombay.

 

The company had signed an agreement with the Lornamead Group, which owns the Yardley brand, for its business in Asia, the Middle East, Australia and in some African markets.