Pitti Castings, a subsidiary of Pitti Laminations has acquired the Foundry division of Vaksh Steel on an asset transfer basis for Rs. 83 crore ($15 million)..The Hyderabad office of Lakshmikumaran & Sridharan advised Pitti Castings with a team led by Joint Partner Karan Talwar along with Principal Associate Noorul Hassan. Joint Partner Raghavan Ramabadran along with Senior Associate Jagannadh Grandhi advised on the tax aspects of the deal..Vaksh Steel was advised by its in-house team..Pitti Laminations is engaged in the business of manufacturing electrical steel laminations for rotating electrical machinery required for several products having diverse applications..The acquisition of the foundry/castings division of Vaksh Steel would aid in the laminations and machining business of Pitti Laminations, in addition to the business independently being profitable.
Pitti Castings, a subsidiary of Pitti Laminations has acquired the Foundry division of Vaksh Steel on an asset transfer basis for Rs. 83 crore ($15 million)..The Hyderabad office of Lakshmikumaran & Sridharan advised Pitti Castings with a team led by Joint Partner Karan Talwar along with Principal Associate Noorul Hassan. Joint Partner Raghavan Ramabadran along with Senior Associate Jagannadh Grandhi advised on the tax aspects of the deal..Vaksh Steel was advised by its in-house team..Pitti Laminations is engaged in the business of manufacturing electrical steel laminations for rotating electrical machinery required for several products having diverse applications..The acquisition of the foundry/castings division of Vaksh Steel would aid in the laminations and machining business of Pitti Laminations, in addition to the business independently being profitable.
