Atlas, Chicago Pneumatic to merge
Compressor makers Atlas Copco (India) Ltd and Chicago Pneumatic India Ltd said on Thursday their boards had approved a proposal for the merger of the two companies. The firms said in a joint statement the rationale behind the proposed merger was to create a simpler legal structure for the companies in India and to strengthen their competitive position. The companies have appointed valuers for recommending aratio of exchange of the shares of the two companies.

Central Pulp to pay 5%
The board of directors of the Central Pulp Mills Ltd (CPM), a JK group company, has recommended a maiden interim equity dividend of 5 per cent for 1999-2000 following a seven-fold increase in its net profit for the first three quarters ended March 31, 2000. CPM on Friday announced a net of profit of Rs 7.47 crore as against Rs 1.12 crore of the corresponding period last year. Turnover during the period increased by 16 per cent at Rs 102 crore and operating profit before interest and depreciation increased by 48 per cent to Rs 18.84 crore.

Legal proceedings against Kedia
The Board for Industrial and Financial Reconstruction has given its go ahead to Indus Ind Bank to initiate legal proceedings against Kedia group company, Kedia Castle Delleon Industries for recovery of its dues. "Indus Ind Bank could initiate legal proceedings for recovery of their dues against Kedia Castle," a two-member bench of BIFR comprising its chairman PP Chauhan and member G Narayanan said.