New Delhi: Chambal Fertilisers and Chemicals has entered into an agreement to sell its textile business to Sutlej Textiles and Industries for Rs 232.63 crore.
The unit Birla Textile Mills (BTM) located at Baddi in Himachal Pradesh, will be sold on a 'slump sale' basis subject to requisite approvals, the company said in a BSE filing.
"The company has executed Business Purchase Agreement on June 30, 2015 for sale of BTM to Sutlej as a going concern on slump sale basis," the filing said.
The sale transaction, which has already been approved by the Competition Commission of India (CCI), would be subject to requisite approvals and fulfillment of various other conditions as mentioned in the agreement, it said.
In March, Chambal Fertilisers had said that the textile unit would be sold for Rs 232.63 crore (including net current assets).
The Kolkata-based Chambal Fertilisers, predominantly a producer of farm inputs, also has shipping division. It has other business interests through its subsidiary in the software sector.
