Kirloskar Brothers has received an approval for Scheme of Arrangement and Amalgamation - of the company's wholly owned subsidiaries viz. of Hematic Motors, Karad (HMPL) with Kirloskar Constructions and Engineers, Chennai (KCEL) and their respective members and creditors.
The said scheme has also been approved by the respective Board of Directors of HMPL and KCEL. The board at its meeting held on November 29, 2012 has approved the same.
Kirloskar Brothers is engaged in manufacturing pumps. It is as a part of $2.2 billion Kirloskar group. It is India’s largest manufacturer and exporter of pumps and valves. In January its board approved for Scheme of Amalgamation of company’s step down subsidiaries, Pressmatic Electro Stampings and Quadromatic Engineering with company’s wholly owned subsidiary - Hematic Motors.