The board of Chambal Fertilisers and Chemicals approved the demerger of its shipping business to a subsidiary India Steamship. In March 2011, the company had announced its intention to restructure the shipping business and has now formalised the structure.
Grasim Industries, the Aditya Birla group flagship, announced the restructuring of its cement business. The company’s board met today to consider a restructuring proposal, which has been widely reported in the media as pertaining to consolidation of its cement business.
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Nicholas Piramal India’s share price is up by 16% over a week, closing today at Rs 288. Its decision to float a separate company, to which it will transfer its new drug research business, and list it on the bourses is behind this excitement.