An internal evaluation conducted by the company has put the total value of the assets and the stakes held by it at Rs 130 crore. The move, besides significantly improving the company's cash flow position, will also complete the liquor major's exit from all non-liquor operations.

While Shaw Wallace's agri-chemicals division and the gelatines subsidiary has been valued at approximately Rs 50 crore each, the tag on the Sri Lanka-based trading company, Shaw Wallace & Hedges, has been put at Rs 30 crore.

Confirming the development, a company insider said: "The company expects to raise at least Rs 130 crore from the exercise. It will soon move Calcutta High Court for the asset sale approval." The company, which has outstanding dues of around Rs 300 crore, has been restrained from selling any asset without a go-ahead from the high court.

Last year, after substantial delay, Shaw Wallace finally sold its two consumer products subsidiaries--Calcutta Chemicals and Detergents India--to Henkel Spic, the Indian arm of the German FMCG major Henkel, for a consideration of Rs 51.05 crore. In 1997, it had also divested from subsidiary Shaw Wallace Electronics.

Following the sale, Shaw Wallace will be left with only the liquor and breweries operations.

The sale of the three non-core businesses is crucial to the company's plan of repaying its total dues to creditors, and was part of the original financial restructuring plan formalised by it.

The agri-chemicals division produces acephate under the established brand of Starthene, and during the company's better days used to export a large chunk of its produce. The manufacturing unit is located at Haldia near Calcutta.

Shaw Wallace presently holds a 66 per cent stake in the Rs 55 crore Shaw Wallace Gelatines. The company had earlier planned to set another export-oriented company, Global Gelatines, with a UK-based company but had to drop the plan due to the outbreak of dreaded BSE disease in the UK.