Hira Ferro Alloys Ltd: Acquisition of 8.5 MW Bio-mass Power Plant on Slump Sale Basis from M/s Shivalik Power & Steel Pvt Ltd, Raipur

Hira Ferro Alloys Ltd has informed BSE that the Company has agreed to purchase/acquire 8.5 MW Bio-Mass Power Plat (Power Plant) situated at Village Belsonda, Dist Mahasamund, Chhattisgarh on Slump Sale Basis as going Concern from M/s Shivalik Power and Steel Pvt Ltd. The Company has executed definitive agreement on April 05, 2011 to this effect. The acquisition of Power Plant is subject to compliance of certain conditions precedent, which are required to be fulfilled by the Sellers within a period of 30 days from the date of agreement or such extended period as may be mutually agreed. The Consideration payable for acquisition of Power Plant of Slump Sale Basis as going concern is Rs 10 Lacs (Rs Ten Lacs Only) in addition to assuming the assumed liabilities as on the date of Transfer.