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

Chetanya Career Consultants Pvt Ltd To Launch An ETS Authorized Test Centre in Kurukshetra, Haryana

BM English

Tollywood Actors Neel and Aparajita Celebrate Jamjamat Jamai Shoshti at Smart Bazaar

BM English

Samsung Launches 2024 QLED 4K Premium TV Series with Quantum Dot Feature

BM English

Edvoy Celebrates Collaborative Success at the Channel Partner Meet – 2024 in Chennai

BM English

Samsung India Unveils 2024 Lineup of Odyssey OLED, ViewFinity and Smart Monitors With AI Powered Features 

BM English

AM/NS India installs Reverse Vending Machine at Udhna railway station

BM English

Leave a Comment