Cosmic CRF Ltd. said the National Company Law Tribunal (NCLT) approved its submitted resolution plan to acquire bankrupt N.S. Engineering Projects Private Ltd.

The Kolkata bench of the NCLT passed the order on 12 March, the supplier of cold rolled stainless sections to wagon manufacturers said in a stock exchange announcement.

The company is acquiring West Bengal-based N.S. Engineering for 28.76 crore rupees ($3.47 million).

The acquisition will enable the company’s entry into the iron & steel-based cold roll forming products, sheet piles, as well as galvanizing of iron & steel products and other fabrication works, Cosmic CRF said.

Cosmic CRF, which recently secured orders with basic value of 13.60 crore rupees, said the acquisition will also enable the company to expand its operations and diversify into other segments such as manufacturing of high mast poles.

Note: $1 = 82.7883 Indian rupees

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