Everest Kanto Cylinder Ltd has informed that the Board of Directors of the Company at its meeting held on February 18, 2008, inter alia, has granted an In Principle approval for acquisition of all the assets of a large manufacturing Company in the United States of America in a similar line of business, for approximately USD 70 million, subject to evaluation of the full implications of the transaction, confirming legal and financial due diligence and final approval of the Board of Directors.
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