Esab India has received an approval for discontinuance of operations of its consumable plant at Khardah, Kolkata and the transfer of the manufacturing and related equipment at Khardah plant to the company’s other plants as may be required.
The board of directors at their meeting held on May 26, 2015 has approved the sale and disposal of the assets of the remaining assets subject to the approval of the shareholders at the forthcoming Annual General Meeting. The expected date of completion of sale / disposal would be within this financial year.
The said plant was contributing about 22% to the total turnover of the company as per the last audited financial statement of March 31, 2015. The said proposal is not covered under related party transactions.
