New Delhi, Sept 19 (UNI) Pump maker, Kirloskar Brothers Ltd today said it has taken over the management of Kolhapur Steel Ltd (KSL) by inducting majority directors on KSL's board.
This is in accordance with the order dated September 10 this year passed by Board of Industrial and Financial Reconstruction (BIFR).
As directed by BIFR, the company will deposit Rs 14.86 crore in a 'No Lien Account', which is earmarked for payment of dues of KSL to Shree Suvarna Sahakari Bank Ltd 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 Kolhapur Steel Ltd (TKSL), set up 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.
Recently, Kirloskar Brothers had acquired 100 per cent equity share capital of 'Gondwana Engineers Pvt Ltd' for Rs 7.63 crore.