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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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Ranbir Kapoor

Ranbir Kapoor and Alia Bhatt inspect their new dream home in Mumbai days after anniversary

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Ranbir Kapoor and Alia Bhatt inspect their new dream home in Mumbai days after anniversary

Ranbir Kapoor and Alia Bhatt recently inspected their future home in Mumbai, marking their third wedding anniversary. The couple’s new home is still in progress, with Ranbir wearing a black t-shirt, matching shorts, sneakers, and a cap. Alia Bhatt was seen waiting for her husband at the location, while Ranbir looked at the progress of their new home’s construction.

A video of their outing emerged on social media, with Pinkvilla posting the clip for the first time. The bungalow, named Krishna Raj after Ranbir’s grandmother, holds emotional significance to the Kapoor family. It used to belong to Ranbir’s grandparents, Raj Kapoor and Krishna Raj, and was inherited by Rishi Kapoor and Neetu in 1980. A Bollywood Life report.

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Claimed that the new bungalow cost Ranbir and family ₹250 crore. It is speculated that after the bungalow is ready, the entire Kapoor family, including Neetu Kapoor, will stay together under one roof. Alia and Ranbir currently live with Raha at Vastu The rapid growth of OTT platforms in India has been attributed to factors such as increased cinema ticket costs.

Growing demand for niche content, and changing consumer preferences. Sidharth Malhotra improved internet infrastructure, and Janhvi Kapoor are set to share screen together in the ALL upcoming rom-com Param Sundari, and they have shared entertaining behind-the-scene pictures from the sets on social media.

​Bollywood’s beloved couple, Ranbir Kapoor and Alia Bhatt, recently visited their under- boasts a modern design with grey construction dream home in Mumbai’s Bandra area, just days after celebrating their third wedding anniversary on April 14. On April 16, the duo was spotted at and shorts. The couple appeared the construction site, inspecting the progress of their abode.

In a video that surfaced on social media, Ranbir was seen wearing a black t-shirt, matching shorts, sneakers, and a cap, while Alia donned a casual shirt and shorts. The couple appeared engaged in discussions with the construction team, reflecting their active involvement in new bringing their vision to life.

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The new residence, named Krishna Raj in honor of Ranbir’s late grandmother, is a six-storey bungalow valued at approximately ₹250 crore. The property boasts a modern design with grey and light blue hues, glass balconies, and expansive windows. It’s situated close to their current

Fans have been eagerly awaiting updates on the couple’s new home, and this recent visit has only heightened anticipation. The couple’s hands-on approach to the construction process Raha underscores their commitment to creating a space that reflects their shared dreams and values Bollywood’s beloved couple, Ranbir Kapoor and Alia Bhatt, recently visited their under.

In a video that surfaced on social media, Ranbir was seen wearing a black t-shirt, matching shorts, sneakers, and a cap, while Alia donned a casual shirt and shorts. The couple appeared engaged in discussions with the construction team, reflecting their active involvement in .​

The new residence, named Krishna Raj in honor of Ranbir’s late grandmother, is a six-storey bringing their vision to life bungalow valued at approximately ₹250 crore. The property boasts a modern design with grey and light blue hues, glass balconies, and expansive windows. It’s situated close to their current residence, Vaastu, where they live with their daughter, Raha .​

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Fans have been eagerly awaiting updates on the couple’s new home, and this recent visit has only heightened anticipation. The couple’s hands-on approach to the construction process space that reflects their shared dreams and underscores their commitment to creating a space that reflects their shared dreams and values residence, Vaastu, where they live with daughter.

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