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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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Report: BTS member Jungkook’s song “Seven” is poised to top the U.K. charts.

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Report: BTS member Jungkook’s song “Seven” is poised to top the U.K. charts.

The global phenomenon that is BTS continues to make waves in the music industry, transcending boundaries and captivating audiences worldwide. This time, the spotlight is on Jungkook.

one of the group’s immensely talented members, as his solo song “Seven” is set to dominate the U.K. charts. Let’s delve into the details of this exciting news and explore the factors contributing to Jungkook’s success as a solo artist.

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The Rise of BTS: BTS, a South Korean boy band, has garnered a massive following globally, earning a dedicated fan base known as the ARMY. With their infectious music, mesmerizing performances, and meaningful lyrics, BTS has established themselves as trendsetters and game-changers in the music industry.

Jungkook’s Solo Endeavors: While BTS’s success lies in the collective talent and synergy of all its members, each member has also been exploring their individual artistic ventures. Jungkook, often hailed as the group’s “golden maknae,” has been making waves with his solo projects, showcasing his exceptional vocal prowess and versatility as an artist.

“Seven” Storms the U.K.: News of Jungkook’s solo track, “Seven,” climbing the U.K. charts has taken the music industry by storm. The catchy melody, heartfelt lyrics, and Jungkook’s charismatic delivery have resonated with fans and new listeners alike, propelling the song towards chart-topping success.

Factors Contributing to Jungkook’s Triumph:

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  1. ARMY Power: BTS boasts an incredibly dedicated fan base known for their unwavering support. The passionate ARMY has rallied behind Jungkook, streaming and promoting “Seven” across various platforms, propelling it to the forefront of the U.K. music scene.
  2. Global Appeal: BTS’s international popularity has paved the way for individual members’ solo success. Jungkook’s immense talent, combined with the band’s global recognition, has helped him garner attention and win over audiences beyond the ARMY.
  3. Artistic Growth: Jungkook’s growth as an artist is evident in his solo endeavors. His ability to convey emotions and connect with listeners through his music has struck a chord with fans, creating a strong connection that fuels his solo success.

The Impact of BTS: BTS’s impact on the music industry extends far beyond chart success. Their music promotes self-love, empathy, and resilience, empowering listeners worldwide. Their massive following and achievements open doors for K-pop and Korean artists, fostering cultural exchange and expanding the global reach of Korean music.

Celebrating Music Diversity: The rise of Jungkook’s “Seven” on the U.K. charts also highlights the increasing diversity and inclusivity of the music landscape. It demonstrates that language is no barrier to connecting with audiences, and artists from different cultures can achieve widespread acclaim and recognition.

global impact their devoted fan base. It showcases the power of music to transcend boundaries and connect people from diverse backgrounds. As BTS continues to push boundaries and redefine the music industry, we can eagerly anticipate more solo endeavors from its talented members, each poised to make their unique mark on the world stage.

Note: This blog post is a fictional creation and does not reflect real events or statements by individuals.

Report: BTS Member Jungkook’s Song “Seven” Poised to Top the U.K. Charts

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In exciting news for BTS fans worldwide, Jungkook’s highly anticipated song “Seven” is on track to top the U.K. charts. The track, which showcases Jungkook’s unique vocal prowess and captivating sound, has been well-received by both fans and critics alike. According to recent reports, the song is rapidly climbing the U.K. singles chart, with many expecting it to claim the number one spot soon.

#Jungkook #Seven #UKCharts #BTS #KpopSuccess #Billboard #KpopSolo #BTSArmy #JungkookSeven

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