Electrotherm (India) has received an approval for sale, lease, transfer or disposal of Ductile Iron Pipes Division to its subsidiary, group and/or associate company or to any other entity as a whole and as a going concern on a slump sale basis or otherwise. The board at its meeting held on September 30, 2011 has approved for the same.
Further, the company has also approved the process of postal ballot for approval of shareholders of the company under section 293(1)(a) read with section 192A of the Companies Act, 1956 for the same. Recently, the company had incorporated wholly owned subsidiary - Electrotherm Mali SARL in the Republic of Mali, Africa in March this year.
Electrotherm (India) established itself as a market leader in the induction of melting furnaces for the steel manufacturing in India and has further diversified into the steel manufacturing and electric vehicles business.
