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The board in the two-day meeting will consider the acquisition proposals from suitors, including B K Modi's Spice Corp and engineering major Larsen and Toubro.
A company spokesperson said the meeting has started but did not divulge the agenda.
According to sources, the board will scrutinise the proposal that has so far come to it and may refer them to its investment bankers -- Goldman Sachs and Avendus -- for further examination.
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