Gujarat Apollo Industries has received an approval for transfer, sale, and/or otherwise dispose of the entire product portfolio of asphalt plant business as a ‘going concern’ on a slump sale basis to Apollo Construction Equipment. The board of directors at its meeting held on January 16, 2013 has approved for the same along with the draft Postal Ballot Notice for passing the resolution under the Companies Act, 1956.
Besides, the board has taken on record the valuation reports given by independent valuer. The board has also taken on record the transaction through which Apollo Construction Equipments has become direct subsidiary of Apollo Earthmovers and fellow subsidiary of Gujarat Apollo Industries.
Gujarat Apollo Industries is primarily engaged in the business of manufacturing various types of road construction and maintenance machinery with the assistance of technical tie-up with different foreign collaborators. The other activities of the company are construction.
