Markets
BSE See NSE See 49,206.47
256.71 (0.52%)

Kirloskar Ferrous Industries to acquire pig iron plant of VSL Steels

Amir Shaikh
/ Categories: Mindshare
Rate this article:
3.8
Kirloskar Ferrous Industries to acquire pig iron plant of VSL Steels

Kirloskar Ferrous Industries informed the bourses during the weekend that its board of directors at a meeting held on September 12, 2020, has granted in-principle approval for the acquisition of movable & immovable assets relating to the pig iron plant of VSL Steels for a cash consideration of not exceeding Rs 135 crore, payable in installments.

The abovementioned plant is situated in Paramenahally village of Hiriyur, Chitradurga district in the state of Karnataka.

The object of the proposed transaction is to expand the production capacity of the Pig iron of the company. After the completion of this transaction, the production capacity of pig iron will increase from 3,91,400 metric tonnes per annum to 5,41,400 metric tonnes per annum.

The purchase consideration of Rs 135 crore will be exclusive of applicable taxes, duties, and charges thereon and will be financed partly by way of borrowings and partly by way of internal accruals. The proposed transaction is expected to be completed in two stages; viz. the operations of the Pig iron plant are expected to commence within six months and that of the sinter plant, within 18 months. 

Kirloskar Ferrous Industries (KFIL) was formed with the intention of transforming the high-quality Pig iron and Grey iron casting industry.

Previous Article Indoco Remedies soars 13 per cent on getting ANDA approval
Next Article L&T Construction secures significant contracts across businesses
Please login or register to post comments.

Get A Call From Industry Experts

Send Otp

   I authorize DSIJ Pvt Ltd to contact me. This will override registry on the NDNC.

DSIJ MINDSHARE

1345Last

Knowledge

1345Last