Signet Industries has received its board approval to acquire the engineering business of Adroit Industries (India), a promoter group company, on slump sale basis, through its 100 per cent subsidiary Adroit Drivelines.
The company’s board gave its approval for the same at its meeting held on February 16, 2016. The board also gave its consent to issue equity shares by way of private placement/ preferential allotment. However, the quantum of such issue was not specified.
Signet Industries is engaged in the manufacture, trade, and export of poly products in India. It distributes HDPE, LDPE, PVC, PP, and PET resins.