Board of IFB Industries approves acquisition of Stamping Business and Motor Business of IFB Automotive

At meeting held on 30 August 2019

The Board of Directors of IFB Industries at its meeting held on 30 August 2019 has approved, subject to necessary approval of the Statutory Authorities, if any, to acquire as a going concern / running business, on a slump sale basis the Stamping Business and on asset purchase basis etc. the Motor Business from IFB Automotive at a consideration of Rs 35 crore and Rs 10 crore respectively. The above transactions will be related party transactions and the same will be done at "arm''s length' basis.

This acquisition is in same field of business of IFB and will help in consolidation and growth of existing Business. The transaction is expected to be completed within Q3 of F.Y 2019-20.

 

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