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BUSINESS
Worthington will acquire a majority stake in a unit of NFPIL, Nitin Cylinders Ltd, for $21 million.
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Updated : Mar 17, 2018, 06:17 AM IST
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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.
