Kirloskar Ferrous Industries Limited (KFIL) (BSE: 500245), is one of the leading castings and pig iron manufacturers in India.
The National Company Law Tribunal (NCLT), New Delhi, issued a written order dated September 12, 2023, which was received by KFIL on September 13, 2023, granting approval to the Resolution Plan submitted by KFIL and approved earlier by the Committee of Creditors of Oliver.
Oliver is engaged in the business of ferrous casting and machining with its manufacturing facility located in Village Sandharsi, Tehsil Rajpura, State Punjab. The present capacity of Oliver is 28,000 MT per annum.
Commenting on this development, Mr. R. V. Gumaste, Managing Director, KFIL, said "Oliver Engineering is a right fit to our current product portfolio within the casting sector. We are confident on implementing the resolution plan submitted within the time frame.
This acquisition enables us to diversify geographically and meet the increasing demands of our current customers from Northern India. Since the plant was not in operation, we believe it will take around 4 to 5 months to make it operational. We anticipate that this capacity expansion will create valuable synergies for our casting business."
Shares of Kirloskar Ferrous Industries Ltd was last trading in BSE at Rs. 475.90 as compared to the previous close of Rs. 451.45. The total number of shares traded during the day was 5778 in over 448 trades.
The stock hit an intraday high of Rs. 478.20 and intraday low of 458.60. The net turnover during the day was Rs. 2719433.00.