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Our Bureau

Pune , July 26

Kirloskar Brothers Ltd on Wednesday said it has sold its 51 per cent stake in Kirloskar Copeland Ltd to US-based Copeland Corporation, for $40 million.

The Pune-based Kirloskar Copeland is a joint venture between Kirloskar Brothers (51 per cent) and Copeland Corporation (49 per cent). Mr Sanjay C. Kirloskar, Chairman and Managing, Kirloskar Brothers, said the Board of Directors of KBL has approved the sale at its meeting held here on Wednesday.

He said following this, the company nominee directors, Mr Sanjay C. Kirloskar, Mr P.S. Jawadekar and Mr A.N. Alawani have resigned from the Board of Kirloskar Copeland Ltd.

Kirloskar Copeland has manufacturing facilities at Karad and Atit and manufactures AC compressors.

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