The Board has approved the De-merger of the services business of Cummins Auto Services Ltd (CASL) with Cummins Diesel Sales & Services (India) Ltd (CDS&S) a 100% subsidiary of the Company, to optimize synergies in the after market operations. The said de-merger will be subject to the appropriate approvals including that of the
Hon'ble Bombay High Court.
Members of the Exchange are hereby informed that the trading symbol of Cummins India Ltd. shall be
changed from KIRLOSKCUM to CUMMINSIND w.e.f June 17, 2005.
Cummins India Ltd. has informed the Exchange that Cummins Diesel Sales and Service (India) Limited (CDSS) is a subsidiary of Cummins India Limited. Cummins Auto Services Limited (CASL) is a subsidiary of CDSS. CASL is having two major lines of businesses viz. (i) retailing of parts and components suitable for commercial vehicles and (ii) providing highway solutions in the form of authorized service stations and annual maintenance contracts with truck fleet owners i.e. Service Business. The turnover of Service Business of CASL for the year ended March 31, 2005 was approx. Rs.73.6 million (Rs.7.36 crore).
The Company has further informed that the Board of Directors of Cummins India Limited in their Meeting held on June 2, 2005, have approved the de-merger of Service Business of CASL into CDSS. The said de-merger will be subject to appropriate approvals including that of the Hon'ble Bombay High Court.
(As per NSE bulletin dated on 04/06/2005) | Powered by Capital Market - Live News |
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