NIBE has acquired 50% stake in Indigenous Casting Technology on December 10, 2022, resulting in Indigenous becoming its Associate Company in terms of section 2(6) of the Companies Act, 2013.
The company had signed definitive agreement on December 09, 2022, to acquire the 100% stake in Indigenous Casting Technology. Balance 50% stake is to be acquired on receipt of NOC from MIDC at a total cash consideration of Rs 100 lakh along with its all assets and liabilities as on date. Indigenous Casting Technology has land admeasuring 7 Acres with factory shade at Gut No. 277, at Post Nighoje, Tal Khed, Pune allotted by Maharashtra Industrial Development Corporation (MIDC) and inter se rights and obligations and other matters in connection therewith.
NIBE (Formerly known as Kavita fabrics) manufactures synthetic fabrics in the form of semi-finished sarees and dress materials. These products are offered in various designs as per customer requirements.
