Surana plans to sell stakes in three power subsidiaries
The move comes as the firm plans to reduce debt
Mumbai: Steel producer Surana Industries Ltd (SIL) on Thursday said it is planning to sell stakes in three power subsidiaries as part of its plan to reduce debt.
“The board has noted the implementation process initiated by the company as part of corporate debt restructuring package towards disinvestment of its holding in three subsidiaries," the company said in a statement to BSE.
Surana’s power businesses include Surana Green Power Ltd and Surana Power Ltd, apart from Surana Mines and Minerals Ltd which provides coal linkages.
“SIL would be in a position to reduce its consolidated debts and would be in a better position to focus on its core competency business—steel, by disinvesting," the statement said.
On Thursday, Surana Industries closed 5% higher at ₹ 34.65, while the benchmark BSE Sensex closed 2.33% lower at 27,457.58 points.
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