BPL Ltd, a medical device and electronic instruments maker, is selling its entire stake in Bharat Energy Ventures Ltd, at par to Electronic Research Pvt Ltd for Rs 115 crore ($18.80 million), as per a stock market disclosure. Electronic Research is a part of the promoter group run by Nambiar family.
Incorporated in 1996, Bangalore-based Bharat Energy Ventures develops thermal power projects.
BPL was founded in 1963 by T P G Nambiar and is still best known as a consumer electronics company. Its core business was hit with the South Korean brands LG and Samsung getting aggressive in the market.
Weighed by heavy losses and debt the firm later spun out its electronics business to a JV with Sanyo. It is a bit player now in that business.
Currently it is involved in medical devices and other components for electronics.
BPL has also announced the appointment of S Ganesh as the chief financial officer of the company with immediate effect.
BPL scrip declined 0.24 per cent to close at Rs 21 a share on the BSE in a flat Mumbai market on Tuesday.