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NCLT approves resolution plan of CIAN Agro Industries & Infrastructure Ltd for Varron Aluminiumm Pvt Ltd



Posted On : 2022-01-20 07:38:02( TIMEZONE : IST )

NCLT approves resolution plan of CIAN Agro Industries & Infrastructure Ltd for Varron Aluminiumm Pvt Ltd

The Hon'ble National Company Law Tribunal, Mumbai Bench (NCLT) has by pronouncement made on January 19, 2022, approved the Resolution Plan submitted by CIAN Agro Industries and Infrastructure Limited in the matter of Varron Aluminiumm Pvt Ltd. (Company was under IBC process).

Varron Aluminiumm Private Limited ("VAPL") incorporated on 18 February 2008 is engaged in manufacturing and supply of Aluminium alloy, Aliminium Die-Casting (GDC, PDC) and Steel Forging having manufacturing facilities at Ratnagiri, Maharashtra.

The VAPL is currently having the Manufacturing facilities of High Pressure Die Casting, Hot Steel Forging/ Machining and Aluminiumm Ingots Casting Alloy. The Factory is situated at Plot No, D-68, Mirjole, MIDC, Ratnagiri - 415639. The products of the company are used in various types of industries like forging, automobile, industrial & electrical.

M.S Forging & Machining - 340 MT
Aluminiumm Alloy Ingots - 750 MT
GDC/PDC - 100 MT
Copper Ingots - 200 MT

The unit of Varron is defunct since 2019 and CIAN is expected to make it operational by the end of this fiscal. CIAN's foray into Aluminium Die-Casting production will play a critica! role in supporting Aatmanirbhar Bharat.

Shares of CIAN Agro Industries & Infrastructure Ltd was last trading in BSE at Rs. 62.25 as compared to the previous close of Rs. 59.30. The total number of shares traded during the day was 6782 in over 39 trades.

The stock hit an intraday high of Rs. 62.25 and intraday low of 56.35. The net turnover during the day was Rs. 419461.00.

Source : Equity Bulls

Keywords

CIANAgroIndustriesandInfrastructure INE052V01019 ResolutionPlan VarronAluminiumm NCLT DieCasting SteelForging