Kirloskar Ferrous Industries announces acquisition of Oliver Engineering, expands its casting capacity

Kirloskar Ferrous Industries Limited (KFIL) (BSE: 500245), is one of the leading castings and pig iron manufacturers in India.

Oliver Engineering is engaged in the business of ferrous casting and machining with its manufacturing facility located in Village Sandharsi, Tehsil Rajpura, State Punjab. Its present castings capacity is 28,000 MT per annum.

The National Company Law Tribunal (NCLT) approved the Resolution Plan vide its order dated 12 September 2023. KFIL has successfully concluded all necessary steps for acquiring management and operational control of Oliver Engineering on 29 September 2023. The advisors to this transaction were KPMG for financial matters and Pioneer Legal for legal matters.

Commenting on this development, Mr. R. V .Gumaste, Managing Director of KFIL, said : "We welcome Oliver Engineering to the KFIL family. This acquisition seamlessly aligns with our strategic objectives, giving us the opportunity to expand our geographical reach and cater to the growing needs of our customers in Northern India. Given the plant's non-operational status, it is estimated that it will require around 4 to 5 months becoming operational. We thank the Committee of Creditors, the Resolution Professional, the advisors to the transaction for their support and successful closing."

Shares of Kirloskar Ferrous Industries Ltd was last trading in BSE at Rs. 479.40 as compared to the previous close of Rs. 474.50. The total number of shares traded during the day was 1277 in over 193 trades.

The stock hit an intraday high of Rs. 481.00 and intraday low of 467.75. The net turnover during the day was Rs. 609447.00.

Source : Equity Bulls

Keywords

KirloskarFerrousIndustries INE884B01025 KFIL NCLT Acquisition OliverEngineering Casting CapacityExpansion