DCM Shriram Consolidated Ltd. (DSCL) has announced the sale of its entire equity stake in its subsidiary, DESCO, to M/s Dalkia India Pvt. Ltd, the Indian arm of the France based Violia energy group, the world's largest provider of environmental services.
It was an all cash deal at an overall business valuation of Rs 10.64 crores. DESCO is engaged in the business of providing consulting service in the area of energy management, energy efficiency and renewable energy projects with focus on reducing the energy costs and deriving of consequent energy benefits in various sector.
Ajay S. Shriram, Chairman & Senior Managing Director and Vikram S. Shriram, Vice Chairman and Managing Director said in a joint statement that the integrated energy solution provider (DESCO) provides an excellent opportunity for its people to participate in the entire energy value chain and enhance their kills using a wider platforrm.
DSCL is an integrated business group which has an extensive growing presence Agri Rural value chains and Chloro Vinyl value chain. It has a turnover of about rs 3500 crore.