Mumbai: Electrical and metallurgical firm Apar Industries Ltd said on 2 November it will sell its polymers unit to the Indian arm of France-based Eliokem group for Rs111 crore.
The sale of the unit based in Valia, Gujarat, would be done on a growing concern basis and the deal will be finalised within a period of 90 days, the company said in a communique to the Bombay Stock Exchange.
However, the sale would be subject to certain preconditions including corporate and governmental approvals and the sale price would be subject to adjustments stipulated in the agreement, the company said.
Eliokem group is engaged in manufacturing, marketing and distribution of niche specialty chemicals worldwide.
Shares in the company were last trading 3.63% up at Rs260 on the BSE.