Ruchi Infrastructure announced that the board of directors of the company will acquire the oil refining business of Ruchi Infrastructure being run at a plant situated at Kakinada in the state of Andhra Pradesh as a going concern for a lump sum consideration of approximately Rs 440 million.

It is subject to adjustment for value of assets and liabilities as on the date of closing in accordance with business transfer agreement.

The oil refinery business includes land, building, the refinery plant and its associated facilities, oil storage tanks, the net current assets and the long term foreign currency loans and other facilities. The proposed transfer of business was subject of shareholders and other statutory/regulatory authorities.