Kirloskar Ferro to buy KOE's casting division

Kirloskar Ferrous Industries today said it will acquire tthe castings division of Kirloskar Oil Engines (KOE) for Rs 21 crore.

According to an official release issued by Kirloskar Ferrous to the BSE today, the board has approved the proposal to acquire the castings division of Kirloskar Oil at Solapur.

The company would acquire all assets and liabilities on such terms and conditions as decided between the company and Kirloskar Oil, the release said.

The acquisition of the castings division of Kirloskar Oil would be a part of the objects of the forthcoming rights issue. The consideration for the acquisition would be paid out from the proceeds of the rights issue, the release said.