Nitin Fire plans joint venture with Worthington Inds

Nitin Fire Protection Industries Ltd (NFPIL) said on Wednesday it plans to form a joint venture with Worthington Industries Inc for its cylinder manufacturing business.                                           

Worthington will acquire a majority stake in a unit of NFPIL, Nitin Cylinders Ltd, for $21 million.                                           

The board has also considered merging its subsidiaries Logicon Building Systems and Alert Fire Protection Systems with itself.  

Ernst & Young acted as financial advisor to Nitin Fire.