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The National Company Law Tribunal (NCLT), New Delhi, issued a written order which was received by Kirloskar Ferrous Industries Ltd (KFIL) on September 13, granting approval to the Resolution Plan submitted by KFIL and approved earlier by the Committee of Creditors of Oliver Engineering Pvt Ltd (Oliver).
KFIL is one of the leading castings and pig iron manufacturers in India. Oliver is engaged in the business of ferrous casting and machining with its manufacturing facility located in Village Sandharsi in Punjab. The current capacity of Oliver is 28,000 MT per annum.
Commenting on this development, 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”.
Gumaste added, “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 four-five months to make it operational. We anticipate that this capacity expansion will create valuable synergies for our casting business.”
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