Kirloskar Ferrous Industries Announces Merger of ISMT

India’s leading castings and pig iron manufacturers Kirloskar Ferrous Industries Limited announced the Scheme of Arrangement and Merger to amalgamate and consolidate the entire Undertaking business and operations of Indian Seamless Metal Tubes Limited. Details of the proposed scheme are as under1. The appointed date of the proposed scheme is April 1, 20232. All the assets and property of ISMT immediately before the merger appointed date shall stand transferred to Kirloskar Ferrous Industries by virtue of the merger3. All the liabilities of the ISMT immediately before the merger appointed date shall stand transferred to Kirloskar Ferrous Industries by virtue of the merger4. Shareholders holding not less than three-fourths in the value of the shares in ISMT shall become shareholders of Kirloskar Ferrous Industries by virtue of the merger, other than shares already held therein by Kirloskar Ferrous Industries Kirloskar Ferrous Industries Chairman Mr Atul Kirloskar said “We acquired ISMT in March 2022, to enter into the seamless tubes market. For KFIL this was a step towards forward integration and product diversification. On the other hand for ISMT this was a step towards backward integration. This acquisition has brought us an opportunity to integrate iron ore to seamless tubes. Now taking a step further, we are proposing to integrate the entire business under the umbrella of Kirloskar Ferrous Industries Ltd to reap the synergies between the two businesses.” ISMT is the largest integrated specialized seamless tube manufacturer in India. It is one of the most diversified manufacturers of specialized seamless tubes in the world, producing tubes in the range of 6 to 273 mm diameter. The company has one of the most modern alloy Steel plants in India that produces a wide range of alloy steels from 6 to 273 mm diameter. Their specialized teams provide end to end solutions to industry-specific customers. Founded in 1991, Kirloskar Ferrous Industries Limited is one of India's largest castings and pig iron manufacturers. The company caters to various industry sectors, such as tractors, automobiles and diesel engines. The manufacturing facilities at Koppal, Hiriyur and Solapur have the unique capability of producing a range of products that include grey iron castings up to 300 kg pieces. The company also produces various grades of pig iron such as SG iron grade, basic steel grade and foundry grade. Kirloskar Ferrous Industries Limited is expanding its manufacturing capacities in pig iron and casting. The company has 3D printing facilities, enabling fast development of new products and capability ramp-

Kirloskar Ferrous Industries Announces Merger of ISMT

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