"Oliver Engineering Joins Forces with Kirloskar Ferrous, Boosts Casting Capabilities"

In a strategic move to strengthen its position in the casting and pig iron industry, Kirloskar Ferrous Industries Ltd. (KFIL) announced the successful acquisition of Oliver Engineering Pvt Ltd., a prominent player in ferrous casting and machining, based in Punjab. The acquisition comes as part of KFIL's ongoing expansion efforts, aimed at meeting the growing demands of customers in Northern India.

Oliver Engineering Pvt Ltd., known for its manufacturing facility with an impressive annual castings capacity of 28,000 metric tons, was officially integrated into the KFIL portfolio following the approval of the Resolution Plan by the National Company Law Tribunal (NCLT) on September 12. KFIL swiftly completed all necessary procedures to assume both management and operational control of Oliver Engineering on September 29, with KPMG and Pioneer Legal serving as advisors for the transaction.

R. V. Gumaste, Managing Director of KFIL, expressed his enthusiasm for the acquisition, stating, "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."

However, Gumaste also acknowledged that there is work to be done to make the newly acquired facility fully operational. He explained, "Since the plant is currently non-operational, it will require a period of four to five months before it becomes fully operational. We thank the Committee of Creditors, the Resolution Professional, and the advisors to the transaction for their unwavering support, contributing to the successful closing of this significant deal."

This strategic acquisition not only augments KFIL's casting and pig iron manufacturing capacity but also positions the company for sustained growth in the highly competitive market. With a strengthened presence in Northern India, KFIL is poised to serve its customers more efficiently while continuing to expand its footprint in the industry.

HBL