Ester Industries Limited on 6th May, 2022 had entered into a definitive agreement to sell its Engineering Plastic Business to Radici Plastics India Private Limited, in an all-cash slump sales transaction amounting to INR 289.33 crore.
Ester Industries has informed that the divestment of Engineering Plastics Business to Radici Plastics India Private Limited has been completed and closed today.
This strategic divestment will not only result in a stronger balance sheet for Ester Industries but also provide the requisite growth capital for scaling up its capacities in business areas wherein the Company believes there is opportunity to enhance shareholders value.
Completion of this transaction will enable management of Ester to enhance its focus on core businesses of Polyester Films and Specialty Polymer businesses. Ester will continue to work towards building innovative and path-breaking products in its Specialty Polymer business besides improving product mix in Film business by increasing the share of value-added products.