R B A Exports Private Limited entered into memorandum of understanding to acquire Uluberia Unit of Carnation Industries Ltd (BSE:530609) for approximately INR 200 million on May 29, 2019. R B A Exports Private Limited signed an sale agreement to acquire Uluberia Unit of Carnation Industries Ltd on December 5, 2019. For the year ended March 31, 2019 Uluberia Unit of Carnation Industries Ltd reported net worth of INR 72.8 million and turnover of INR 6.4 million. Transaction is subject to approval from shareholders and no objection certificate from consortium of lenders of Carnation Industries Limited. The transaction has been approved by Board of Directors of Carnation Industries. As of April 25, 2019, shareholder of Carnation Industries has approved the transaction. Transaction is expected to be completed within two months of entering into the sale agreement.