Yash Birla Group buys Kennametal JV
US-based Kennametal Inc offloads complete shareholding in Birla-Kennametal JV, a Yash Birla Group company.
By PTI |
MUMBAI: Yash Birla Group has hiked its stake in Birla Kennametal to 88.48 per cent.
Shearson Trading & Investment Company Pvt Ltd, a firm of the Yash Birla Group, has purchased 14.20 lakh equity shares of Birla Kennametal from US-based Kennametal Inc, pursuant to which shareholding of the Yash Birla group now stands at 88.48 per cent.
As a consequence to Kennametal Inc, off-loading its entire shareholding of the company to Yash Birla group, the joint venture agreement between Kennametal Inc and Birla International Pvt Ltd, a company of the Yash Birla group has also come to an end.
Accordingly Kumar Kanetkar, the nominee Director of Kennametal Inc has also resigned with effect from July 4, Birla Kennametal said in a filing to the Bombay Stock Exchange.
Birla Kennametal is a joint venture company between Yash Birla Group and US-based Kennametal Inc. The company manufactures wide range of precision metal working and mining cutting tool products.
Shearson Trading & Investment Company Pvt Ltd, a firm of the Yash Birla Group, has purchased 14.20 lakh equity shares of Birla Kennametal from US-based Kennametal Inc, pursuant to which shareholding of the Yash Birla group now stands at 88.48 per cent.
As a consequence to Kennametal Inc, off-loading its entire shareholding of the company to Yash Birla group, the joint venture agreement between Kennametal Inc and Birla International Pvt Ltd, a company of the Yash Birla group has also come to an end.
Accordingly Kumar Kanetkar, the nominee Director of Kennametal Inc has also resigned with effect from July 4, Birla Kennametal said in a filing to the Bombay Stock Exchange.
Birla Kennametal is a joint venture company between Yash Birla Group and US-based Kennametal Inc. The company manufactures wide range of precision metal working and mining cutting tool products.
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