Yuken India has received its board’s approval for proposal to enter into an agreement with Grotek Enterprises, Bangalore, which is going to be a 100% subsidiary of Yuken India, for divesting the company’s foundries business (undertaking) operated at Mahadevapura, Bangalore and Malur, Kolar District on slump sale basis, effective October 01, 2016.
The transaction is pursuant to section 180(1)(a) of the Companies Act, 2013, and is subject to the approval of shareholders and other regulatory bodies as applicable. The value of the transaction will be determined based on the Due Diligence and the valuation of the business undertaking by the consultants and advisors appointed for the said purpose.
