NRB Industrial Bearings (NIBL) has entered into a share purchase agreement with Korta Inversiones, SL of Spain, in respect to Korta Engineering India (Korta India), which is a subsidiary of Korta Spain. Pursuant to the Agreements, NIBL purchase 35% of the paid up share capital of the Korta India. TSS subscribed to 45.02% of the paid up shares capital of Korta India.
The transfer of shares from Korta Spain to NIBL has been approved by the Board of Directors of the Korta India on June 26, 2018. TSS proposes to acquire the balance 19.98% of the paid up equity share capital of Korta India from Korta Spain upon fulfilling on certain conditions precedent.
NRB Industrial Bearings is a leading manufacturer of ball and roller bearings for the industrial market. Manufactured at its world-class facility in Shendra, Aurangabad, the company works with OEMs and end-users to increase uptime while keeping the costs down.
