IFB Industries completes acquisition of Ramsons Industrial Laundry equipment business

IFB Industries update on acquisition of entire Industrial Laundry equipment business catering to laundry Segment from Ramsons Garment Finishing Equipment and Ramsons Udhyog and its Promoters at a consideration of Rs. 35 crore ( Rupees Thirty Five Crores) to be paid by way of bank transfer.

IFB Industries announced that the company has made an initial advance payment of Rs 5 crore on 6 August 2018. Further payment of Rs 20 crore was made on 16 October 2018 after entering into business transfer agreement on the same date by IFB with Ramsons Garments Finishing Equipment, Ramsons Udhyog and its promoters . Balance consideration money of Rs 10 crore will be paid within ninety days from 18 October2018 subject to validation of cost of materials, warranty, wastage and spare sales in the next ninety days period from the date of transfer of business to IFB. IFB has taken control of the business w.e.f 18 October 2018.

The consideration money was paid/ to be paid by way of bank transfer only.

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