Kirloskar Oil to exit from six JVs; to earn Rs 250 cr
Kirloskar Oil Engines today announced its exit from its six joint ventures, by selling its entire holdings to Kirloskar Systems for Rs 250 crore.
The proposal is subject to necessary shareholders' approvals, Kirloskar Oil Engines said in a filing to the Bombay Stock Exchange (BSE).
The company would sell its 11 per cent stake in joint venture company, Toyota Kirloskar Motor, 10 per cent shareholding in Toyota Kirloskar Auto Parts and it would sell 26 per cent in TG Kirloskar Automotive to its group firm Kirloskar Systems.
Further, the company would shed its entire 4.6 per cent stake in Toyota Tsusho India, 3.82 per cent holding in Kirloskar Toyoda Textile Machinery and 10.99 per cent holding in Denso Kirloskar Industries, the filing added.
Kirloskar Oil Engines is engaged in manufacturing diesel engines.
Shares of Kirloskar Oil Engines closed at Rs 142.45 on the BSE, up 5.68 per cent from its previous close.