Kolkatta, India: Kerala Oil Stove is now a private company owned by the Kerala Government and has been selling its brand to the largest bidder.
It is the first Kerala Oil spout brand sold to a private entity, according to a press release from the Kerala Oil and Gas Corporation (KOGC) on Friday.
The company had been looking for a buyer, but found a bidder with the backing of KOGC, the release said.
The sale is expected to close by the end of March and will allow the company to expand its operations and supply to the city, it said.
The company had invested $1 billion in the project.
The KOGD also said that it is a small, yet highly skilled and highly experienced team of over 50 employees and has already invested in the first phase of the project with a total investment of $5 million.
The project has a total cost of $3.5 billion, according the release.
The new company is set to be incorporated in February 2019.