Kirloskar Oil Transfers Bearings Unit to KSPG Automotive

Resource from: Kirloskar Oil Engines Ltd Likes:3118

May 23,2011

(May 20, 2011) The BBD will be sold to KSPG Automotive as a going concern, on a slump sale basis for a lump sum consideration of Rs. 870mn. payable on the Completion Date on a cash free and debt free basis. Kirloskar Oil Engines Ltd. that it has executed the Business Transfer agreement (BTA) with KSPG Automotive India Pvt. Ltd., Pune (the purchaser) for the disposal of its Bearings Business Division (BBD). The BBD will be sold to KSPG Automotive as a going concern, on a slump sale basis for a lump sum consideration of Rs. 870mn. payable on the Completion Date on a cash free and debt free basis. The BBD is situated, inter alia at (1) Khadki, Pune, and (2) MIDC, Ahmednagar (except for the land and buildings).

(Kirloskar Oil Engines Ltd)

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