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MACHINIST - KOEL shifting K-series Engines manufacturing from Silvassa Plant to Kagal

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Home arrow Auto component arrow KOEL shifting K-series Engines manufacturing from Silvassa Plant to Kagal

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KOEL shifting K-series Engines manufacturing from Silvassa Plant to Kagal
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Written by Vivek   
Saturday, 22 October 2011

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Mumbai: Kirloskar Oil Engines Ltd has approved shifting of K-series Engines manufacturing activity from Silvassa Plant to Kagal plant, Kolhapur. This was approved by the Board of Directors of the Company at its meeting held on October 21, 2011. The shifting commenced since August 31, 2011.

Kirloskar Oil Engines Ltd has completed the sale of its Bearings Business Division to KSPG Automotive India Pvt. Ltd. (earlier known as Pierburg India Pvt. Ltd.) and has received the Purchase Price (as defined in the Business Transfer Agreement) of Rs. 870,000,000 on September 29, 2011.

Last month the company received an order of Rs. 396 Crores from Nuclear Power Corporation of India Ltd. (NPCIL) for the supply of 16 nos. emergency Diesel Generating sets of 4.2 MW each. This order is to be executed over next 42 months.

For the quarter ended 30-09-2011, the company recorded net sales of Rs 56136 lakhs compared to Rs 62875 lakhs for the quarter ended 30-09-2010. Its total operating income went from Rs 64261 lakhs in Q2 F11 to Rs 57824 lakhs in Q2 F12. The company's net profit increased from Rs 4416 lakhs for the quarter ended 30-09-2010 to Rs 5680 lakhs for the quarter ended 30-09-2011.

The profit on sale of the Bearings Business Division, amounting to Rs. 4415 lakhs is reported in the results of the quarter ended 30th September 2011. The profit on sale of undertaking is subject to change on account of certain post closing adjustments to be carried out in accordance with the terms of the BTA and the same will be determined and reported during the second half of financial year ending 31st March 2012.

 
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