ABC Bearings has received an approval for merger of the company into Timken India through a Scheme of Amalgamation and Arrangement amongst ABC Bearing, Timken India and their respective shareholders and creditors. The board of directors at its meeting held on July 4, 2017 has approved for the same.
The scheme is subject to the approval of the shareholders and creditors of ABC Bearings, approval of the regulatory authorities and the sanction of the National Company Law Tribunal.
ABC Bearings, incorporated in 1961, is engaged in business of tapered roller bearings and cylindrical roller bearings. The company started its operations by manufacturing thrust bearings.
