Sadbhav to acquire 74% stake in Hong Kong firm

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New Delhi, June 9 (UNI) Civil enigineering construction firm Sadbhav Engineering Ltd today said it has entered into an agreement to acquire 74 per cent stake in Hong Kong-based Ocean Bright Corporation Ltd (OBCL) through its subsidiary.

The Ahmedabad-based firm's subsidiary Sadbhav Natural Resources Pvt Ltd will buy the stake, company said in a statement without disclosing the amount.

OBCL, through directly and its units, hold prospecting rights and licences for iron ore, copper, limestone and coal in Mozambique, the statement added.

UNI MP VC1312

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