Zenith Birla to hive off tools manufacturing division

The board of Zenith Birla India has considered a proposal to hive off the company’s tools manufacturing division.

The board discussed the proposal of de-merger / hive off of tools division at length. After having discussion at length, it was decided to obtain detailed study report from an independent consultant for the purpose before finalizing any proposal.

The board also considered the proposal of merger / acquisition of Tungabhadra Holdings which is also into the manufacturing of steel pipes and with its operations at Murbad and Tarapur and having synergy with the steel pipes business of Zenith.