Soril Infra Plans Foray Into Pharma Business
SORIL Infra Resources Limited has informed that the Board of Directors of the company at its meeting discussed and considered various available option(s) to reorganize its ongoing business, including foray into Pharma business as the Indian Pharma market is poised for an accelerated growth because of improved medical infrastructure and health insurance penetration. The Board also considered the proposal received from its holding company “Indiabulls Integrated Services Limited (IBULISL)” for re-organization and restructuring of its ongoing business.
The Board, after deliberations, constituted a Reorganization Committee to consider, examine and evaluate the following proposal(s) for re-organization of its ongoing businesses and to present a draft proposal before the Board for its consideration and approval-
(1) To venture into pharma business by way of either acquisition/amalgamation of any entity having ongoing pharma business or otherwise; and
(2) Acquisition/amalgamation of certain non-financial undertakings/ business of IBULISL into the Company and providing the shareholders of IBULISL the direct ownership/shareholding in the Company.
The Board will take final decision in due course regarding the reorganization, upon receiving the recommendations of the Reorganization Committee and obtaining the required professional advice, and will make further announcements when the appropriate decisions are made.