Sintex Industries will divest its entire stake in Zep Infratech, a wholly-owned subsidiary, to Khadayata Décor. However, the financial terms of the deal were not disclosed.
The decision to divest the stake was taken at its board meeting held today, it said in a regulatory filing.
Gujarat-based Sintex Industries is into manufacturing of high-value fabrics and plastic processing.
Zep Infratech is a telecom shelter manufacturer in India, supplying to leading telecom players such as Idea Cellular, Tata Teleservices, Bharti Airtel and Vodafone India, among others.
Shares in Sintex Industries, closed up 2.89 per cent at ₹42.70, after gaining 4.5 per cent in intra-day trade, on the BSE on Wednesday.