Kross Limited Approves Acquisition of Industrial Land for Future Expansion

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Kross Limited Approves Acquisition of Industrial Land for Future Expansion

Team Finance Saathi

04/Dec/2024

What's Covered in the Article:

Kross Limited acquires 6.56 acres of industrial land in Jharkhand for future expansion.
The company has subscribed to 10.6% equity shares of Adityapur EMC Ltd. for INR 4.93 crore.
The acquisition is part of the Government of India’s Electronic Manufacturing Cluster scheme.

In its Board meeting held on 4th December 2024, Kross Limited announced the approval of an important acquisition. The company will acquire 6.56 acres of industrial land from the Jharkhand Industrial Area Development Authority (JIADA), located at the Adityapur Industrial Area in Saraikela Kharsawan District, Jharkhand. This land acquisition is part of the development of a Greenfield Electronic Manufacturing Cluster (EMC), designed to enhance electronic manufacturing in the region.

To facilitate this, Kross Limited will subscribe to 4,39,159 equity shares, which represent 10.6% of the current equity of Adityapur Electronic Manufacturing Cluster Limited (Adityapur EMC). The equity shares are priced at INR 100 each, totaling an investment of INR 4.93 crores. This acquisition is in line with the terms of a public notification issued by JIADA under the Electronic Manufacturing Cluster Scheme by the Government of India, aimed at boosting the international competitiveness of electronic manufacturing in the region.

The acquisition is not a related-party transaction, and the company has no affiliations with Adityapur EMC. Kross Limited’s investment in Adityapur EMC will enable the company to expand its footprint in the electronic manufacturing industry, further enhancing its capabilities and infrastructure.

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As part of its strategy, Kross Limited will use the newly acquired land for its future expansion plans, positioning the company for growth within the expanding electronic manufacturing sector. The acquisition also aligns with the government’s efforts to promote the development of quality infrastructure for electronic manufacturing industries in the state.

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Kross Limited Approves Acquisition of Industrial Land for Future Expansion

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