Kirloskar Ferrous Industries Ltd Announces Acquisition Of Oliver Engineering Pvt Ltd

Kirloskar Ferrous Industries Limited (KFIL), one of the leading castings and pig iron manufacturers in India, on Saturday, Sept 30, 2023, announced the acquisition of Oliver Engineering Pvt. Ltd.

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.

In a press release, Kirloskar Ferrous Industries stated, "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."

Stock Performance

Meanwhile, on Friday, KFIL shares closed 1.03% higher at Rs 479.40 apiece on the BSE. It gained 3.70% in a week. It gained 87.23% in 1 year. It gained 443.85% in 3 years. It has a market cap of Rs 6,663.55 Crore.

About - Kirloskar Ferrous Industries Limited

Founded in the year 1991, Kirloskar Ferrous Industries Limited is one of India's largest castings and pig iron manufacturers in India. KFIL caters to various industry sectors, such as tractors, automobiles and diesel engines. The manufacturing facilities at Koppal, Hiriyur and Solapur have the unique capability of producing a range of products that include grey iron castings up to 300 kg pieces. KFIL also produces various grades of pig iron such as SG iron grade, basic steel grade and foundry grade.