Apar Industries sells Polymer Unit

Apar Industries Ltd has informed that the Company has signed an Agreement for sale of its Polymers Unit at Valia (non-core) as a going concern for a slump price of Rs 111 Crores free from all encumbrances.

The buyer is an Indian Company of a multinational Eliokem group interalia in the business of manufacture, marketing and distribution of niche speciality chemicals world wide.

The sale is subject to certain preconditions including corporate and Governmental approvals. The Sale price is subject to adjustments stipulated in the agreement.

The Company has initiated steps to comply with the preconditions and the deal is contemplated to be concluded within 90 days.