Kirloskar Industries Ltd - Updates
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| 09 Mar 2017 | |
| We wish to inform you that Kirloskar Ferrous Industries Limited (KFIL), a listed material subsidiary of the Company, has intimated to the Stock Exchange, that the Board of Directors of KFIL at its meeting held on 28.07.2016, had granted its in-principle approval for acquisition of movable and immovable assets relating to the pig iron plant of VSL Steels Limited (the 'Seller') for a cash consideration of Rs. 155 Crores (the 'Proposed Transaction'). The same was intimated by KFIL vide its letter dated 28.07.2016,(Ref.No.2190/16). However, on account of certain ongoing disputes between the Seller and one of its related parties, the Proposed Transaction has not been completed till date. Consequently, in view of the unaccounted delays caused by the pending disputes, the Board of Directors of KFIL at its meeting held on 09.03.2017, has resolved to not proceed with the Proposed Transaction. A copy of the intimation submitted by KFIL to the Stock Exchange, is enclosed. | |
| View all announcements for Kirloskar Industries Ltd | Source: BSE India |
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