Apar to sell polymer unit for Rs 111 cr

Electrical and metallurgical firm Apar Industries will sell its polymer unit to the Indian arm of France-based Eliokem group for Rs 111 crore.

The sale of the unit, based in Valia, Gujarat, would be done on a going-concern basis and the deal will be finalised within 90 days, according to a release issued by Apar to the BSE today.

The sale would be subject to certain pre-conditions including corporate and governmental approvals, and the sale price would be subject to adjustments stipulated in the agreement, the release added.

Eliokem is engaged in manufacturing, marketing and distribution of niche specialty chemicals.