Kirloskar Brothers take over management of Kolhapur Steel
Kirloskar Brothers take over management of Kolhapur Steel Pune-based pump maker Kirloskar Brothers took over the management of The Kolhapur Steel (TKSL), a steel casting company, registered with the BIFR. > The company will be inducting its majority directors on the board of TKSL. As directed by the BIFR, the Kirloskar Brothers shall deposit Rs 148.6 million in `No Lien account`. The account has been created for the payment of dues of TKSL to Shree Suvarna Sahakari Bank and a creditor, after final approval of BIFR to the modified rehabilitation proposal. The share purchase agreement will be executed upon the approval of BIFR, the c ompany said in a release. The Kolhapur Steel (TKSL), incorporated in 1965, is engaged in manufacturing of alloy steel castings - catering to sugar, cement, steel, pumps, valves, marine, earth moving and other general engineering industries sectors. The capacity of TKSL steel castings can be used by the company to meet its captive demand due to increase in production as well as to cater to other customers. Shares of the company were last trading down Rs 0.55, or 0.11%, at Rs 490. The total volume of shares traded were 212 at the BSE. (10.26 am, Wednesday)
