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Indian Metals And Ferro Alloys Ltd Updates On Sale Of Assets To IMFA Alloys Finlease Limited

Wednesday, 6 Feb 2013 01:24am EST 

Indian Metals And Ferro Alloys Ltd announced that with reference the announcement made on January 21, 2013, the Company now announced that on February 01, 2013, the Company has sold its 30 MVA furnace and other related assets, including, the plant and machinery related to briquetting plant and the gas cleaning plant (Transferred Assets) to IMFA Alloys Finlease Limited (IAFL), a wholly owned subsidiary. Further, on February 02, 2013, IAFL leased the Transferred Assets to IMFA for the entire economic life of the Transferred Assets pursuant to a finance lease. On February 04, 2013, in pursuance to a Joint Venture and Shareholders Agreement dated January 18, 2011 between IMFA and POSCO, IMFA caused IAFL to issue and allot equity shares to POSCO resulting in POSCO owning 24% of the issued and paid-up share capital of IAFL and IMFA owning the remaining 76% of the issued and paid-up share capital of IAFL. 

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