Bharat Mirror English
Business

KFIL Announces acquisition of Oliver Engineering, expands its casting capacity

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

About Oliver Engineering Private Limited (Oliver Engineering)

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.”

Related posts

NPHRS Tokyo Regional Meet 2025 at Bharat Mandapam concludes with Provisional Fellowship Honors & launch of MARS Helpline 

BM English

Samsung Announces Pre Reserve for Next Generation of Galaxy Foldables in India

BM English

Samsung Solve for Tomorrow: Inspiring Young Innovators in Maharashtra and Gujarat

BM English

Oxford India Forum Recognizes Varun Chaudhary as a Transformative South Asian Leader at Oxford Saïd

BM English

WallStreetMojo Launches Global “Financial Modeling Immersive Program” — Created by ex-JPMorgan Analyst

BM English

Samsung to Launch New Foldables on July 9 in New York  

BM English

Leave a Comment