New Delhi: With Japan-based Sharp Corp. exploring possibility of stake sale in its Indian arm, Sharp India on Saturday said it has approved a proposal allowing the parent firm to do due diligence on its operations.
The board of Sharp India on Saturday permitted “a due diligence on the operation of company by Sharp Corp. and potential buyer based on the information regarding the company", the company said in a filing to the BSE.
Sharp Corp. is exploring options, including stake sale in its Indian arm, as part of its turnaround strategy, the company said on 4 December. Sharp had reportedly registered an operating loss of 50 billion yen during the first half of 2015 on account of loss-making LCD business unit.
In India, Sharp sells TV panels, refrigerators, ACs, washing machine, vacuum cleaners, etc., in the home products category. Besides, in business products category, it sells multifunction printers, projector, solar Photovoltaic and touch screen among others.
Sharp India had a revenue of ₹ 189.04 crore in 2014-15. For the first two quarters of the current fiscal, the company had posted net loss of ₹ 9.99 crore and ₹ 2.84 crore, respectively. PTI