Kirloskar Ferrous Industries Limited (KFIL) has completed the acquisition of movable and immovable assets of VSL Steels Limited’s Pig iron plant located at Paramenahally in Karnataka’s Chitradurga district, the company said in a statement.
In Sep, the company board had granted its in-principle approval for the acquisition for a cash consideration of not exceeding Rs1.35bn ($18.34mn) payable in installments.
With the acquisition, the company’s total Pig iron production capacity will increase by 27.71.pc to 541,400mt from its earlier capacity of 391,400mt.
The company is in the process to renovate the assets and get necessary approvals and licenses from authorities for the commencement of operations.
($1 = Rs73.5861)