Ashirwad Steels Approves Sale Of Sponge Iron Unit In Telangana
Ashirwad Steels & Industries Limited has approved the sale of its Sponge Iron Industrial Unit/Undertaking situated at District Nalgonda, Telangana, to MPL Steel Industries Private Limited on a slump sale basis. The board had already taken the requisite approval of the shareholders of the Company in this matter vide postal ballot notice.
Consideration Value settled at a lump sum amount of Rs 18 Crores and the Initial Advance of Rs 1 Crore received on the signing of the agreement and balance amount is to be received by 31.12.2018.
Company's Sponge Iron Plant at District Nalgonda was lying inoperative for the past few years due to unavoidable'reasons and the said plant has been incurring losses since it's shut-down and hence the Board decided to sell/dispose it off on slump sale basis