Yash Birla Group buys Kennametal JV

Yash Birla Group has hiked its stake in Birla Kennametal to 88.48 per cent.

Shearson Trading & Investment Company Pvt Ltd, a firm of the Yash Birla Group, has purchased 14.20 lakh equity shares of Birla Kennametal from US-based Kennametal Inc, pursuant to which shareholding of the Yash Birla group now stands at 88.48 per cent.

As a consequence to Kennametal Inc, off-loading its entire shareholding of the company to Yash Birla group, the joint venture agreement between Kennametal Inc and Birla International Pvt Ltd, a company of the Yash Birla group has also come to an end.

Birla Kennametal is a joint venture company between Yash Birla Group and US-based Kennametal Inc. The company manufactures wide range of precision metal working and mining cutting tool products.

(Source: "The New Look" Economic Times )