Gp Goenka Group To Divest Stake In Herdilia Chemicals

The Rs 2,800 crore GP Goenka group has decided to divest its stake in Herdilia Chemicals in favour of Schenectady India Holdings, a part of the US-based Schenectady group.

Confirming the development to Business Standard, GP Goenka said that the divestment will take place after obtaining approvals from the Foreign Investment Promotion Board (FIPB), financial institutions (FIs) and shareholders. However, he refused to comment on the price of the deal. It may be mentioned that FIs have more than 10 per cent stake in the company.

The decision was ratified by the board of directors of the company yesterday. An agreement has been signed between Schenectady India Holdings, a wholly-owned subsidiary of Schenectady International Inc. New York, USA, and the flagship of the G P Goenka group, Duncans Industries Ltd, to acquire the controlling interest aggregating 50.08 per cent of the shares of Herdilia Chemicals.

However, Herdilia has informed the stock exchange that Schenec- tady International Inc