Larsen & Toubro Ltd (L&T) & company today (July 6, 2004) announced that the process of implementation of the scheme of demerger of the cement division of L&T has been completed and company has acquired majority stake in Ultra Tech CemCo Ltd (Ultra Tech), the demerged Cement business of L&T. The Scheme of Arrangement for demerger of Cement Business sanctioned by the Honorable High Court of Bombay became effective from May 14, 2004 and accordingly the cement business undertaking was transferred to and vested in Ultra Tech Cemco Ltd. Company had made a successful open offer bid for 30% of the equity of Ultra Tech with a view of taking Management control. Concurrently Grasim acquired 8.5% equity stake of Ultra Tech from L&T and company and its associates have sold 14.95% of their holding in the demerged L&T to L&T Employee Welfare Foundation. Company has acquired pursuant to the offer made and in terms of Scheme of Arrangement. Thus Ultra tech has become a subsidiary of the company. Grasim has also acquired management control of Ultra Tech. Grasim Industries Ltd has announced the following Audited Consolidated Results for the quarter & year ended March 31, 2006: The Group has posted a net profit after minority's share of Rs 3488.00 million for the quarter ended March 31, 2006 (Q4 FY 05-06) as compared to Rs 2492.80 million for the quarter ended March 31, 2005 (Q4 FY 04-05). Total Income has increased from Rs 25635.20 million in Q4 FY 04-05 to Rs 29789.90 million for Q4 FY 05-06. The Group has posted a net profit after minority's share of Rs 10406.40 million for the year ended March 31, 2006 (FY 05-06) as compared to Rs 8804.30 million for the year ended March 31, 2005 (FY 04-05). Total Income has increased from Rs 95368.80 million in FY 04-05 to Rs 104443.20 million for FY 05-06. The Consolidated Financial Results of the Company taken on record by the Board of Directors as on April 27, 2006, were incorporating the results of UltraTech Cement Ltd (UTCL) (a subsidiary of the Company) and Narmada Cement Company Ltd (NCCL) (a subsidiary of UTCL), which were then under merger. NCCL has since been merged in UTCL effective October 01, 2005 and UTCL has filed its audited results, post merger. Accordingly, the Company has made its Consolidated Financial Results for the year ended March 31, 2006 incorporating the results of UTCL post merger, which have been audited and approved by the Committee of Directors on July 14, 2006. Pursuant to the Scheme of Amalgamation (the Scheme) u/s 18(1)(c) and other applicable provisions of Sick Industrial Companies (Special Provisions) Act, 1985 effective from October 01, 2005 (the Appointed Date) Narmada Cement Company Ltd (NCCL - a subsidiary of UltraTech Cement Ltd (UTCL) has been merged with the UTCL (a subsidiary of the Company). The Scheme is approved by Board for industrial & Financial Reconstruction, New Delhi, on May 15, 2006 and has been made effective from June 01, 2006 (the effective date). Accordingly the Consolidated Financial Results of the Company for the year ended March 31, 2006 include the results of NCCL for the period April 01, 2005 to September 30, 2005 as a separate entity and thereafter as a merged entity with UTCL. (As per BSE Bulletin dated on 17/07/2006)