Sadbhav Engineering aquire OBCL - by raghni4949
Sadbhav Engineering, a construction firm will acquire 74 per cent stake in Hong Kong based Ocean Bright Corporation Limited (OBCL) for an undisclosed amount. The acquisition was carried out through the wholly owned subsidiary of the company Sadbhav Natural Resources, which entered into an agreement to acquire 74 per cent stake in OBCL, the company said in a filing to the Bombay Stock Exchange.
OBCL directly and through its subsidiaries holds licences for prospecting iron ore, copper, lime stone in the provinces of Tele, Nampula, Monica, Niassa of African country Mozambique.
At present, Sadbhav is executing a number of mining services contracts for Gujarat Heavy Chemicals, Western Coal Fields and Northern Coal fields Ltd with capacity of 20 million cubic metres per annum.