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| Exchange Disseminated Time | Gravita India Ltd has informed BSE regarding a Press Release dated September 21, 2011 titled "Further Acquisition by Gravita in M/s Metal Inc in the State of Jammu & Kashmir".
Press Release :
"Gravita India Ltd, an Indian multi-national company based in Jaipur has, in furtherance of acquisition of 80% stake in M/s Metal Inc, Kathua in June 2011, acquired the balance 20% stake in the said unit in partnership with its subsidiary Gravita Exim Ltd.
With this addition, Gravita has acquired 100% stake in the said Unit. The Unit name has been changed to M/s Gravita Metal Inc.
This acquisition will strengthen the Gravita's standing in North Indian and will lead to improved profit margins on account of location of the Unit in Tax Heaven Zone.
The business in M/s Gravita Metal Inc is expected to boost the top line and bottom line of the Company by Rs. 35 to Rs. 40 crores and Rs. 3 to Rs. 3.5 crores approximately on an annual basis. |
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