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Kirloskar Ferrous Industries completes acquisition of majority stake in ISMT

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Kirloskar Ferrous Industries completes acquisition of majority stake in ISMT

Kirloskar Ferrous Industries (KFIL), a leading manufacturer of pig iron and grey iron castings, has completed the acquisition of a majority stake in Indian Seamless Metal Tubes (ISMT). The transaction envisaged an investment of Rs 670 crore by KFIL into ISMT. With this, the company has become a subsidiary of KFIL.

ISMT has appointed five directors including Rahul Kirloskar and Ravindranath Gumaste of KFIL on the board, while its original promoter Baldevraj Taneja has resigned from the Board of Directors. The company has also commenced an open offer for acquiring up to 25.05% of the voting capital of ISMT, which amounts to Rs 239.7 crore on full acceptance of the open offer.

ISMT, one of the major manufacturers of seamless tubes in India with an integrated steel plant, had made major investments in power plant, which was funded by debt. The investments did not pan out as per plans and this led to stress in the debt. Lenders of ISMT had in the past pursued various schemes for resolution of the debt as per RBI guidelines, prevailing from time to time, including outside strategic debt restructuring.

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Lenders have decided to go for one-time settlement for the outstanding debt of the company alongwith change in management. This is the second instance in the listed industrial space, after CG Power & Industrial Solutions was acquired by the Murugappa Group in 2020 under settlement with banks and with management change. In FY22, KFIL reported a total income of Rs 2716 crore for the first 9 months, which is an over 100% increase over Rs 1291 crore reported in the same period in FY21.

Complete News Source : Construction Week

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$92.8 million

Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

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Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

Akshay Kumar and Priyadarshan, the acclaimed Indian director, celebrated their 68th birthday on Instagram. Kumar, who has worked with Priyadarshan on several cult comedies of the early 2000s, wished him a happy birthday and called him a mentor. The duo is now back together for their upcoming horror-comedy, Bhooth Bangla.

The first poster of the movie has been released, and it is expected to hit theaters in 2025. Akshay Kumar wore a black fedora and a green jacket, layered over a black tee, and fans have expressed their excitement for their new movie.

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The duo’s dynamic and deep bonding have been praised by fans, who have expressed high anticipation for their new movie. The first poster of Bhooth Bangla has already been released, and the movie is expected to hit theaters in 2025.

Akshay Kumar, the versatile Bollywood actor, recently celebrated director Priyadarshan’s birthday by sharing a behind-the-scenes (BTS) photograph from their upcoming film, “Bhooth Bangla.” In the image, Akshay humorously captioned, “Surrounded by ghosts…” The photo features Akshay alongside Priyadarshan and co-actor Paresh Rawal, all dressed in traditional attire, with a black cat perched on Akshay’s shoulder, adding a whimsical touch to the scene.

Reunion After 14 Years

This collaboration marks a significant reunion between Akshay Kumar and Priyadarshan, who last worked together on the film “Bhool Bhulaiyaa” in 2007. Their partnership has been celebrated in the past for delivering successful comedies like “Hera Pheri” and “Garam Masala.” Fans have eagerly anticipated their return to the big screen together, and “Bhooth Bangla” promises to be a delightful addition to their repertoire.

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About ‘Bhooth Bangla’

“Bhooth Bangla” is a horror-comedy that blends elements of suspense with humor, a genre in which both Akshay Kumar and Priyadarshan have excelled. The film is produced by Balaji Telefilms Ltd in association with Cape of Good Films. The motion poster released earlier this year features Akshay Kumar in a suit, with a cat on his shoulder, licking milk slyly, setting the tone for the film’s intriguing and humorous premise.

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Anticipation and Fan Reactions

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The BTS photo shared by Akshay Kumar has generated excitement among fans, who are eager to see the trio back together on screen. The playful caption and the presence of the black cat suggest that “Bhooth Bangla” will offer a mix of thrills and laughs, staying true to the successful formula of their previous collaborations.

As the release date for “Bhooth Bangla be a significant highlight in the upcoming entertainment lineup. The reunion of Akshay Kumar, Priyadarshan, and Paresh Rawal, combined with the intriguing premise and the playful BTS moments, has set high expectations among audiences. Fans can look forward to a cinematic experience that promises both chills and chuckles.

For a visual glimpse into the making of “Bhooth Bangla,” you can watch the following video Akshay Kumar expressed his gratitude as they once again united for their upcoming movie Bhooth Bangla. This marks a new chapter in their long-standing collaboration since the 2000s. He shared a picture from behind the scenes of their new movie, where it seems like they are laughing about something.

Akshay wrote,”Happy Birthday, Priyan Sir! What better way to celebrate than by spending the day on a haunted set, surrounded by ghosts…both real and unpaid extras? Thank you for being a mentor, and the only person who can make chaos look like a masterpiece. May your day be filled with fewer retakes. Wishing you a fantastic year ahead!”

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