Nile gets approval for transfer of ‘Glass Lined Equipment and Pressure Vessels Division’

Nile has received an approval for the transfer of the company's ‘Glass Lined Equipment and Pressure Vessels Division’ with all the assets and liabilities comprising thereof, to De Dietrich Process Systems India as a going concern on a slump sale basis. The company has received an approval at its board meeting held on July 09, 2011.

The approximate consideration for transfer of the above mentioned business division is Rs 58.50 crore, subject to suitable adjustments at the closing of the transaction. Following this decision, the company will focus on building its market position in its Lead Division and pursue further synergistic opportunities in related areas.

Further, the above transfer is subject to the approval of the shareholders and other approvals as may be necessary and the company proposes to obtain the consent of its shareholders by means of a postal ballot.

Nile was originally incorporated as a private limited company with the name Navabharat Industrial Linings and Equipment, designs and manufactures equipment for specific customer applications or process performance improvement.