Kolkata, Feb 4 Nicco Corp Ltd today filed a scheme of amalgamation with the Calcutta High Court for transferring its cable business to Nicco Cables Ltd following which it will become debt free.

Following the transfer of the cable business the company would become debt free as the debt would be transferred to Nicco Cables, Chairman of Nicco Corp Rajive Kaul said in a statement.

The business transfer was subject to approval of the court and corporate debt restructuring (CDR) cell.

Kaul said that Nicco Corporation would realise an amount of Rs 133 crore, which would be deployed in its project and engineering business.

The order book position of Nicco Corporation stood at Rs 300 crore.

For the nine-month ended December 31, 2007, the company's revenue stood at Rs 303 crore and net profit at Rs 3.53 crore