Mumbai: Bombay Burmah Trading Corp. Ltd on Wednesday said it has agreed to sell its Sunmica division, which makes decorative and industrial laminates, to AICA Laminates India Pvt. Ltd, a unit of Japan’s AICA Kogyo Co. Ltd, for Rs100.30 crore.
The Wadia Group company said it has signed a business transfer agreement with AICA Laminates India on Wednesday, Bombay Burmah said in a communication to Bombay Stock Exchange (BSE).
The sale is subject to shareholder and other regulatory approvals, it said.
AICA Kogyo is a Toyko-listed firm engaged in the laminates business as well as adhesives and other building products.
“The decision to sell the Sunmica division is in line with restructuring plan to focus on core business and divest low return businesses,” Bombay Burmah said.
The Sunmica division of Bombay Burmah, a 142-year-old company, is located at Rudrapur, Uttarakhand.