Grasim Industries, an Aditya Birla Group company, will sell its consumer products business to Kishore Biyani-led Future Consumer Enterprise Ltd on a slump sale basis.
“…the company has signed a Business Transfer Agreement with Future Consumer Enterprise Ltd for the sale of its consumer products division, on a slump sale basis,” Grasim Industries said in a filing to BSE.
Grasim’s consumer products division makes face care wipes, baby wipes and other products in baby/house care segments under brands including Kara, Puretta, Handys and Prim.
The company said this division has a small contribution in its overall business.
The transaction is expected to be completed in June, 2015, Grasim added.
In 2014-15, its net sales were Rs 9.52 crore against the total net sales of Rs 6,252.34 crore at standalone level and Rs 32,437.63 crore at consolidated level.
Grasim Industries started in 1948 and its core businesses are Viscose Staple Fibre (VSF) and Cement, contributing over 90 per cent of its revenues and operating profit.
The company’s scrip closed at Rs 3,572.60, down 1.91 per cent, on the BSE.