Oriental Manufacturers Private Limited signed an agreement to acquire 90% stake in Projects Division from Nicco Corp. Ltd. (BSE:590028) for INR 95 million on July 5, 2011. Nicco Corp will retain 10% in the project. A new company will be formed and project division will be transferred to it. Upon completion, a new company will be formed and some in line projects of the division and all the employees will be envisaged to the new company. The transaction is subject to various statutory, shareholder approval of Nicco Corp, regulatory, and lender approvals. The transaction was approved by the Board of Nicco Corp on July 29, 2011. The shareholders of Nicco Corp approved the transaction on February 13, 2012.

Oriental Manufacturers Private Limited completed the acquisition of 90% stake in Projects Division from Nicco Corp. Ltd. (BSE:590028) for INR 95.1 million on June 17, 2014. On May 30, 2014, assets sale commitee of Nicco unanimously accepted the offer.