International Conveyors Ltd Acquires International Conveyors Australia Pty Ltd, Becoming a Direct Subsidiary

International Conveyors Ltd (ICL) has acquired the entire share capital of International Conveyors Australia Pty Ltd (ICL Australia) from M/s Conveyor Holding Pvt. Ltd. (CHPL), a subsidiary of ICL. This acquisition results in ICL Australia becoming a direct subsidiary of ICL. This strategic move is expected to increase the sales of ICL's products in Australia, one of the largest coal producing countries in the world, thereby improving the company's top line. The acquisition does not fall under related party transactions and the consideration is in cash. ICL Australia, based in Australia, has been engaged in marketing and sales of PVC Conveyor Belting to Australian underground Coal Miners since 2014.