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Empee Distilleries has sold its 86 per cent stake in Empee Power and Infrastructure to Appollo Alchobev Ltd for ₹13.36 crore.
Following the sale of 1.33 crore shares, Empee Power is no longer a subsidiary of Empee Distilleries, the company announced on the stock exchange.
According to senior executives in Empee Distilleries, the move is a part of the exercise to shed non-core assets of the company and clean up its balance sheet.
Appollo Alchobev had extended over ₹20-crore loan to Empee Distilleries which is being repaid.
Appollo Alchobev, a real estate company, is not a part of the Empee Group, though the promoters of the group hold a stake in Appollo, an executive said.
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