Kirloskar Industries Limited is the listed core investment company of the Kirloskar Group.Its consolidated operations are dominatedby 46%-owned subsidiary Kirloskar Ferrous Industries Limited, an integrated ferrous manufacturer spanning iron ore, pig iron, castings, alloy steel and seamless tubes.KIL also owns Avante Spaces, which is developing Grade-A commercial realestate in Pune, and holds strategiclisted stakes in Kirloskar Brothers,Kirloskar Oil Engines and KirloskarPneumatic. The parent’s standaloneincome is mainly dividends, interestand investment returns; consolidatedanalysis is necessary to capture KFILand the real-estate investment cycle.