Simplex Castings has received approval for sale of one of its manufacturing unit (Steel Castings Foundry) located at Urla Industrial Estate, Raipur in state of Chhattisgarh. Accordingly the company has entered into a Business Transfer Agreement with Texmaco Rail and Engineering in Kolkata (Texmaco) for transfer of the said unit to Texmaco subject to shareholders’ approval and other necessary approvals.
The company will receive the cash consideration of Rs 87.50 crore. The Board of Directors of the Company at its meeting held on April 26, 2019 has approved the same.
Simplex Castings a Simplex Group company is engaged in manufacturing of engineering castings in various grades for core industrial sector like steel, power, railroad equipment, mining, cement, defence, sugar and other specialized areas in as cast, machined and in assembled condition.
