Financial Daily from THE HINDU group of publications
Thursday, Apr 07, 2005
Financial Daily from THE HINDU group of publications Thursday, Apr 07, 2005 |
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Corporate
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Restructuring Hyderabad Ind to transfer engg biz to Titagarh Wagons Our Bureau
Hyderabad , April 6 THE board of directors of Hyderabad Industries Ltd at a meeting on Monday approved a proposal to transfer the company's Heavy Engineering Division located at Uttarpara in West Bengal to Titagarh Wagons Ltd. Titagarh Wagons has agreed to assume the gratuity liability in respect of continuing employees of the division accrued prior to the closing date as per the business transfer agreement to be executed in this regard, Hyderabad Industries informed the stock exchanges. The division manufactures primarily engineering products such as excavators, hydraulic and mechanical cranes, traversers and steel structurals, including large diameter pipes and fittings, gears and gear boxes and steel products besides general fabrication and casting. The company informed the exchanges that its board approved the proposal to transfer the division to Titagarh Wagons together with the use of all transferable licences, permits, consents and approvals and all the rights, benefits and obligations attached thereto, as a going concern on `as-is-where-is' basis.
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