NCLT approves CIAN Agro Industries resolution plan for VAPL; Stock hits upper circuit

19 Jan 2022 , 03:14 PM

National Company Law Tribunal, Mumbai Bench (NCLT) has by pronouncement made on Wednesday, approved the Resolution Plan submitted by CIAN Agro Industries and Infrastructure Limited in the matter of Varron Aluminiumm Pvt Ltd. (VAPL, Company was under IBC process).

VAPL incorporated on February 18, 2008, is engaged in the manufacturing and supply of Aluminium alloy, Aluminium Die-Casting (GDC, PDC) and Steel Forging having manufacturing facilities in Ratnagiri, Maharashtra.

The VAPL is currently having the Manufacturing facilities of High Pressure Die Casting, Hot Steel Forging/ Machining and Aluminiumm Ingots Casting Alloy. The Factory is situated in Ratnagiri. The products of the company are used in various types of industries like forging, automobile, industrial & electrical.

Towards close of trade on Wednesday, CIAN Agro Industries and Infrastructure Limited was trading at 5% upper circuit Rs62.25 per piece up Rs2.95 on the BSE.

Total Manufacturing Capacity

• M.S Forging & Machining 340 MT
• Aluminiumm Alloy Ingots 750 MT
• GDC/PDC 100 MT
• Copper Ingots 200 MT

“The unit of Varron is defunct since 2019 and CLAN is expected to make it operational by the end of this fiscal. CLAN’s foray into Aluminium Die-Casting production will play a critical role in supporting Aatmanirbhar Bharat,” company said in a filing.