Amalgamation bell rings at Oricon Enterprises
Oricon Enterprises Limited (OEL) , the flagship company of Parijat Enterprises is currently in real estate, marine logistics, packaging, petrochemicals and automobile dealership. The company’s equity shares are listed on BSE & NSE and having market cap of around Rs. 922 crore. In September 2006, OEL entered into a 30:70 joint venture with Navigate Mauritius Ltd. – a private equity investor, for its packaging division named as Oriental Containers Ltd (OCL) in which the packaging division was hived off. The company acquired 70% equity stake of JV partner on March 2015 making OCL Wholly Owned Subsidiary (WoS) of OEL. OCL is largest manufacturer of metal and plastic closures having manufacturing facilities in the state of Maharashtra and Goa with aggregate capacity of 19.27 billion caps for bottles and Aluminium Collapsible Tubes (as per company’s records). The NCLT has recently approved the Scheme of Amalgamation of Oricon Properties Private Limited 100% WoS of OE...