“The separation is intended to allow them to move forward independently, in a more focused and specialized manner, building on their respective capabilities and strong brand presence. It will also help channel the resources needed for all businesses to focus on the growing businesses and attract the right talent and provide existing talent with enhanced growth opportunities, consistent with a greater strategic focus on the business segment below a separate entity,” it added.
The Demerger is subject to the necessary approvals of the stock exchanges, the Securities and Exchange Board of India (SEBI), the Company’s shareholders and creditors, the National Company Law Tribunal (NCLT) and other such regulatory bodies.
Forbes & Co is in the precision tool business; industrial automation, coding, medical equipment, parts and applications and respiratory equipment; real estate business; Investments in subsidiaries, joint ventures and associated companies.
FPTL, a wholly owned subsidiary of Forbes & Co, was incorporated on August 30, 2022 to continue the business of Manufacturers, Importers, Exporters, Buyers, Sellers, Distributors, Distributors, Service Providers of Engineering & Electrical Products & Services. Revenue of the FPTL for the year ended 31 March 2022 was £179.22 billion. Sales of the precision tool business accounted for 76.25% of the company’s total sales for the fiscal year ended March 31, 2022.
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