Keerthi Industries has completed the sale of its wind power division on a slump sale basis, to Mission Biofuels India for a total consideration of Rs 2.52 crore on such terms and condition as stipulated in the agreements.
The management of the company had decided to focus on its core business units. Hence, the board approved the sale of its wind business. Mission Biofuels India is not a part of the company's promoter and promoters group.
On 13 November 2021, the board of Keerthi Industries intimated regarding the approval of sale of its wind power division in Hassan district of Karnataka state to Mission Biofuels India on a slump sale basis.
In the year 2006-2007, the company had invested in wind power project of the capacity of 1,500 KVA (kilo-volt-ampere), in Hassan district of Karnataka, operated and maintained by Suzlon energy on behalf of the company.
Keerthi Industries' net profit dropped 47.8% to Rs 5.13 crore on a 6.8% decline in net sales to Rs 54.99 crore in Q2 FY22 over Q2 FY21.
Keerthi Industries is engaged in the manufacturing of cement. The company's segments include cement division, wind mill and electronics division.
Shares of Keerthi Industries skid 3.61% to end at Rs 129.35 on Friday, 3 December 2021.
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