Kirloskar Ferrous Industries Ltd (KFIL), a castings and pig iron manufacturer, has acquired Oliver Engineering Pvt Ltd, which is engaged in ferrous casting and machining, with its manufacturing facility located in Punjab. Its present castings capacity is 28,000 MT per annum.
The National Company Law Tribunal (NCLT) approved the Resolution Plan on September 12. KFIL concluded all the necessary steps for acquiring management and operational control of Oliver Engineering on September 29. The advisors to this transaction were KPMG and Pioneer Legal.
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”.
Gumaste added, “Since the plant is non-operational, it will require four to five months to become operational. We thank the Committee of Creditors, the Resolution Professional, and the advisors to the transaction for their support and successful closing.”