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Bhuwalka Steel gets nod to hive off jewellery division

10 Dec 2011 Evaluate

Bhuwalka Steel Industries has received an approval for sale or to hive off its jewellery division. The company has also received an approval for the sale of company’s property located at Bhuwalka Centre and Indiranagar in Bangalore and other property at Kanchipuram in Tamil Nadu.

The company has also received an approval for joint development of property or sale of Hoskote land at Bangalore and for disinvestment in joint venture at FZC, Hamriyah Free Zone, Sharjah in United Arab Emirates.

The company has taken this step in order to meet the working capital requirements and to improve the debt equity ratio. The board at its meeting held on December 08, 2011 has considered and approved for the same. Further, the above is subject to approval of shareholder and others necessary approvals.

Bhuwalka Steel Industries is one of the largest manufacturers of steel rolled products in south India with plants at Bangalore, Kanchipuram and Mumbai.

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