The Board of Directors of Balu Forge Industries Ltd. at their Meeting held on 14th May, 2021 have passed a resolution to enter into a Memorandum of Understanding (MOU) between the Company and Hilton Metal Forging Limited (hereinafter referred to as Hilton) for taking on lease the Hilton's Factory situated at Shah & Mehta Industrial Estate, Plot No.28,29, Village Ghonsai, Taluka Wada, District Palghar, Pin code - 421312, Maharashtra.
The Lease Agreement is subject to obtaining necessary approvals by Hilton Metal Forging limited from its Banker namely State Bank of India (SBI) and its Shareholders.
The Board of Directors have authorised Mr. Jaspalsingh Chandock to negotiate with Hilton Metal Forging Limited and finalize the terms and conditions and execute the Lease Agreement on receipt of necessary approvals by Hilton Metal Forging Limited.
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