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Our Bureau

Pune, May 31

Kirloskar Bros Ltd (KBL) has entered into a memorandum of understanding for the purchase of Kolhapur Steel Ltd, a company in which former chairman of Shree Suvarna Co-op Bank Mr Dnyaneshwar Agashe has an 81 per cent shareholding.

The sale, which will go through subject to clearance by the Board of Industrial and Financial Reconstruction (BIFR), will add around Rs 18 crore, including Rs 11.5 crore outstanding, towards the recoveries of the beleaguered bank. This process is expected to take two to three weeks. Though company officials refused to comment on the proceedings, sources indicated that the Rs 35-crore transaction would involve KBL taking over all the liabilities and keep the factory running. The company incidentally has been sourcing steel for its castings from the Kolhapur plant.

More Stories on : Mergers & Acquisitions | Steel

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