Welspun Corp Ltd to sell Dahej unit assets for Rs. 130 crores to Laxi Organic Industries Ltd

Welspun Corp Ltd has entered into a Memorandum of Agreement on September 30, 2022 for sale of land, civil structures, excluding plant & machinery, situated at Dahej unit of the Company in the state of Gujarat. The said unit comprises of insignificant portion of the operations of the Company and the management feels that the transaction would not have any material and adverse effect on operations of the Company.

Turnover of Dahej Unit was Rs. 136 crores comprising of 2.09% of the Consolidated Revenues as of March 31, 2022. EBITDA for Dahej Unit is Rs. (22.13) crores comprising of (2.16)% of the Consolidated EBITDA as of March 31, 2022. Net worth of the Dahej Unit is Rs. 113 crores comprising 0.25% of the Consolidated Net Worth of the Company as of March 31, 2022.

The Buyer is Laxmi Organic Industries Limited (CIN:L24200MH1989PLC051736) incorporated in the year 1989 under the Companies Act, 1956 with its registered office at A-22/2/3, MIDC Mahad, Maharashtra - 402309.

The consideration to be received from the above sale will be Rs. 130 Crore.

Source : Equity Bulls

Keywords

WelspunCorp MoA LaxmiOrganicIndustries Dahej Unit Sale