Kross has received approval for the acquisition of Industrial land from Jharkhand Industrial Area Development Authority (JIADA) having area measuring 6.56 acre in Electronic Manufacturing Cluster (EMC) at near 7th Phase of Adityapur Industrial Area of District - Saraikela Kharsawan in Jharkhand. The Board of Directors of the Company, at its meeting held on December 4, 2024 has approved the same.
For the same, the company will have to subscribe for 4,39,159 (10.6% of the present equity) equity shares at Rs 100 each of Adityapur Electronic Manufacturing Cluster (State Government Company) for a total consideration of Rs 4.93 crore for getting the allotment of Industrial Land in EMC. The company will use the land for future expansion plans.
Under the terms of the public notification issued by the JIADA, Jharkhand, any allotment of land in the EMC area of JIADA will have to be acquired by contributing to the equity shares in the Special Purpose Vehicle (SPV) namely Adityapur Electronic Manufacturing Cluster set up under the scheme of EMC of Government of India.
Kross is a diversified player focused on manufacturing and supply of trailer axle and suspension assembly and a wide range of forged and precision machined high performance safety critical parts for M&HCV and farm equipment segments.
