Comments
SPIC has sold its engineering division, SPIC-SMO, to a Kolkata-based company, it is learnt. Sources put the consideration at Rs 50 crore.
This is pursuant to a restructure package approved by lenders (banks) under the ‘corporate debt restructure' mechanism. The package binds SPIC to divest its non-core activities, and remit the proceeds to the lenders' accounts.
Earlier, SPIC had sold its stake in joint ventures, Technip India, and in Indo-Jordan Chemicals, a company based in Jordan.
SPIC also off sold several properties, including godowns and guest houses, to raise funds to pay off the lenders.
The company is seeking shareholders' approval via a postal ballot to sell SPIC-SMO.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.