At meeting held on 21 April 2016
TIL announced that the Board of Directors of the Company at its meeting held on 21 April 2016 has approved, subject to approval of shareholders, to transfer the Caterpillar Dealership Business in the wholly owned subsidiary companies by the following process -By sale of shares of Tractors India in India
By sale of shares of Tractors Nepal in Nepal
By sale of specified assets and liabilities pertaining to Caterpillar Business and standing in the books of TIL Overseas at its net book value in Singapore;
for a net consideration not less than Rs 350 crore over and above the net asset book value of the specified assets and labilities pertaining to Caterpillar Business in Singapore and the value of investments in Nepal respectively. TIL Overseas will continue to be a subsidiary of the Company.
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