Hardwyn India to merge its arm

New Delhi: Steel products maker Hardwyn India on Friday said the company will merge its subsidiary company FIBA Hardwyn Locks with itself. "Hardwyn India announces a mega merger plan of its subsidiary. The company has already informed exchanges about its board approving the draft scheme of amalgamation with FIBA Hardwyn Locks," the company said in a statement. The proposed amalgamation will enable better focus, strategise and grow the businesses, to help retain and increase the competitive strength thereby directly and indirectly strengthening the reputation, goodwill, customer service, customer recall and distribution network, it said. "The cash consideration will be provided to the eligible shareholders of transferor company or the transferee company shall issue up to 26,48,00,880 equity share to the eligible shareholders of the transferor company," the company said.