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Binny Ltd has dropped the plans to bring under it the liquor business owned by the same management.
The company informed the BSE that its Board of Directors have decided against merging Mohan Breweries and Distilleries Limited and its subsidiary Arthos Breweries Limited with Binny Limited.
M Nandagopal, chairman Binny Ltd who also owns the entire stake in Mohan Breweries said that the Board had decided to drop the proposal because the process would be complicated with the liquor business present across South India in Tamil Nadu, Kerala and Andhra Pradesh. Also, there were expansion plans in the pipeline under Mohan Breweries and Binny separately.
However, Arthos Breweries will be merged with Mohan Breweries and Distillers, he said.
On the expansion plans, he said apart from a new plant in Tamil Nadu, the company has a new license for a distillery in Andhra Pradesh. It is expanding its bottling unit in Chittoor and Arthos Breweries in East Godavari District.
Binny is scouting for a location to set up a spinning mill, he said.
On the BSE the company’s shares of ₹ 5 breached the upper circuit at ₹ 287.85 against the previous close of ₹ 274.15.(EOM)
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