Ruchi Soya Industries at its meeting held on November 14, 2013, has approved the purchase of the oil refining business of Ruchi Infrastructure Limited being run at the plant situated at Kakinada, in the State of Andhra Pradesh, as a going concern for a lump sum consideration of approximately Rs. 44 crore.
Ruchi Soya Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 14, 2013, inter alia, has approved the purchase of the oil refining business of Ruchi Infrastructure Limited being run at the plant situated at Kakinada, in the State of Andhra Pradesh, as a going concern for a lump sum consideration of approximately Rs. 44 crores subject to adjustment for value of assets and liabilities as on the date of closing in accordance with the Business Transfer Agreement.The oil refinery business proposed to be purchased includes land, building, the refinery plant and its associated facilities, oil storage tanks, the net current assets, long term foreign currency loans and other liabilities.The proposed transfer of business will be subject to approval of shareholders and lenders of Ruchi Infrastructure Limited and approvals from statutory / regulatory authorities as required.Source : BSE
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