Kirloskar Bros to take over Kolhapur Steel’s management
Kolhapur Steel is a firm listed with Board of Industrial and Financial Reconstruction (BIFR). Earlier this month BIFR passed an order for induction of Directors nominated by Kirloskar Brothers on the board of Kolhapur Steel.
By PTI |
MUMBAI: Pump manufacturer Kirloskar Brothers on Wednesday said it has taken over the management of Kolhapur Steel to meet its captive steel requirements.
In a communiqué to the Bombay Stock Exchange the company said it would deposit Rs 14.86 crore to repay Kolhapur Steel's debt.
Kolhapur Steel is a firm listed with Board of Industrial and Financial Reconstruction (BIFR). Earlier this month BIFR passed an order for induction of Directors nominated by Kirloskar Brothers on the board of Kolhapur Steel.
Kirloskar Brothers would overtake the management of the Kolhapur Steel by inducting directors nominated by the company on the steel firm's board, it said.
The firm would use capacity of Kolhapur Steel for meeting its captive demand to boost production as well as to cater to additional customers.
ADVERTISEMENT
The share purchase agreement will be executed upon the approval of BIFR, Kirloskar Brothers said. Kolhapur Steel is engaged in manufacturing of alloy steel castings catering to sugar, cement, steel, pumps/valves, marine, earth moving and other general engineering industries sectors.
Shares of Kirloskar Brothers were trading up Rs 9.4 or 1.94 per cent at Rs 500.05 on the Bombay Stock Exchange.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
