Garg Furnace Ltd Completes 51.22% Stake Acquisition in Vaneera Industries Ltd

Garg Furnace Ltd has completed the acquisition of 51.22% stake in Vaneera Industries Ltd (formerly known as Vaneera Industries Private Limited), making it a subsidiary company. Vaneera Industries Ltd is a Public Limited Company involved in the business of Indirect & Direct Furnaces and Foundries for all kinds of Ferrous and Non-Ferrous Metals, Chilled and Malleable Casting, Alloy Castings, Steel Castings, Gunmetal, Copper, Brass and Aluminum Castings and Rolling & Re Rolling Mills for all kinds of Metals. The acquisition was done at arm’s length and the cost of acquisition was Rs. 36,27,00,000/- including a premium of Rs. 52/- per share. Vaneera Industries Limited (Formerly known as Vaneera Industries Private Limited) is a subsidiary of Garg Furnace Limited and has a revenue of Rs. 41,08,21,601 as of March 31, 2024.