IFB Industries To Acquire Industrial Laundry Equipment Business
The Board of Directors of IFB Industries Limited in their meeting accorded approval, subject to necessary approval of the Statutory Authorities, if any, to acquire as a going concern / running business, on a slump sale basis the entire Industrial Laundry equipment business from Ramsons Garment Finishing Equipment Private Limited and Ramsons Udhyog Private Limited and its Promoters at a consideration of Rs. 35 crores to be paid by way of bank transfer.
This acquisition is in same field of business and will help in the consolidation and growth of Laundry Equipment Business. The transaction is expected to be completed within Q2 of F.Y 2018-19.