Mumbai: Ballarpur Industries has posted a net profit of Rs 211.9 million for the quarter ended 30 September 2002 as compared to Rs 136.1 million for SQ-01. The total income (net of excise) has increased from Rs 3,564.5 million for the quarter ended 30 September 2001 to Rs 3,589 million for SQ-02.

The board of directors of Ballarpur Industries has approved the scheme of amalgamation of Bilt Graphic Papers (BGPL), a subsidiary, with the company from 1 July 2002 in order to consolidate its business.

In terms of the valuation made by independent valuers and approved by the board, the company will be issuing fully-paid equity shares of Rs 10 each to the shareholders of BGPL in the ratio of one equity share for every 17 equity shares held by them in BGPL.

Ballarpur had recently suspended operations at Unit Choudwar (Orissa), one of the five units of the company, with immediate effect. The total production at Unit Choudwar for the year ended 30 June 2002 was 6 per cent (approximately) of the total paper production of the company for the said year.