Kirloskar Oil Engines hives off Castings Division for Rs 21 cr.

Mumbai, June 5 (UNI) Kirloskar Oil Engines Ltd has approved a proposal to hive off its castings division for a consideration of Rs 21 crore.

Informing this to BSE, the company said its board of directors at a meeting today has approved to hive off the Castings Division located at Shivashahi, Solapur to Kirloskar Ferrous Industries Ltd.

This decision, however, is subject to the approval of the shareholders of the company by way of postal ballot, as per the provisions of Section 293 (1) (a) read with Section 192 A of the Companies Act, 1956.

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