Hindusthan Udyog has received an approval for transfer by way of slump sale of its unit/undertaking at Nagpur as a going concern, subject to the approval of the shareholders to be obtained by way of Postal Ballot. The board of directors at its meeting held on July 14, 2017 has approved for the same.
The agreement for sale has been executed on July 14, 2017. The sale is expected to be completed on or before September 15, 2017. The consideration for the proposed sale of Nagpur Unit has been agreed at Rs 33.64 crore to be paid by the Seller in cash.
Hindusthan Udyog specialized in the manufacture of alloy steel, Gray iron and Non ferrous alloy casting for critical engineering applications for domestic as well as foreign markets.
