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NCLT gives nod to Oliver Engineering acquisition

By Guest Author,

Added 14 September 2023

The approval was granted to the Resolution Plan submitted by KFIL and approved earlier by the Committee of Creditors of Oliver.

The National Company Law Tribunal (NCLT), New Delhi, issued a written order dated September 12, 2023, which was received by KFIL, one of the leading castings and pig iron manufacturers in India, on September 13, 2023. NCLT has granted approval to the Resolution Plan submitted by KFIL and approved earlier by the Committee of Creditors of Oliver.

R. V. Gumaste, Managing Director, KFIL, said, "Oliver Engineering is a right fit to our current product portfolio within the casting sector. We are confident on implementing the resolution plan submitted within the time frame. This acquisition enables us to diversify geographically and meet the increasing demands of our current customers from Northern India. Since the plant was not in operation, we believe it will take around 4 to 5 months to make it operational. We anticipate that this capacity expansion will create valuable synergies for our casting business."

Oliver is engaged in the business of ferrous casting and machining with its manufacturing facility located in Village Sandharsi, Tehsil Rajpura, State Punjab. The present capacity of Oliver is 28,000 MT per annum.

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