Banco Products (India) has executed share purchase agreement (SPA) with its wholly owned subsidiary - Lake Minerals (Mauritius) for transfer of the company's holding of 42,923 equity shares which constitutes 95% of Kilimanjaro Biochem (KBL) at a consideration of $3.51 million. Pursuant to SPA, Banco Products (India) will continue to hold balance 5% of the equity shares of KBL.
Recently, Banco Products’ (India) had received the approval for sale/transfer of its “Gasket Division Business Undertaking” to its proposed subsidiary company -- Banco Gasket (India) -- subject to approval of the same by the members by way of postal ballot process and such other approval/ permissions as may be required in this regard. The company’s board gave the approval for the same at its meeting held on July 14, 2011.
Banco Products (India) has been a dedicated supplier of high quality engine cooling components and engine sealing gaskets to the automotive industry for over four decades. It offers complete line of radiators, intercoolers, oil-coolers and all types of engine gaskets.
