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Grasim Industries Ltd will sell its consumer products business that forms a minuscule portion of its overall business to Future Consumer Enterprise Limited on a slump sale basis.
The division's net sales is less than Rs 10 crore compared to the net sales of more than Rs 6,250 crore of Grasim Industries.
In a communication to the stock exchanges, GIL said that it had signed a business transfer agreement with Future Consumer Enterprise Ltd for the sale of its consumer products division on a slump sale basis.
At present, the consumer products division was involved in the production of face care wipe, baby wipes and other products in baby/house care segments.
In the last fiscal (FY2014-15), the consumer productions division accounted for net sales of Rs 9.52 crore compared to the total net sales of Rs 6,252.34 crore on a standalone basis of Grasim Industries and Rs 32,437.63 crore consolidated sales of GIL. The transaction is likely to be completed next month.
Axis Capital Limited acted as advisor to the transaction, the statement said.
Shares of GIL were up by Rs 24.10 at Rs 3,666.15 on the BSE.
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