Forbes & Company has received approval for sale of 50% Business Undertaking in Project Vicinia, on a going concern and as-is-where-is basis by way of slump sale for a consideration of Rs 155 crore to Paikar Real Estate. The completion of the proposed transaction is subject to execution of fulfillment of conditions precedent and shall be subject to approval of the shareholders or the Company.
The Business Transfer Agreement has been signed on February 27, 2019 and the proposed transaction is expected to be completed by April 2019. The Board of Directors of the Company at its meeting held on February 27, 2019 has approved the same.
Forbes & Company has three main businesses; namely engineering, shipping and logistics and business automation.
