New Delhi-based diversified firm DCM Shriram Ltd has sold its textile spinning unit, Swatantra Bharat Mills, Rajasthan as a running business for Rs 17.12 crore ($2.8 million), as per a stock market disclosure. The firm did not disclose the name of the buyer.
DCM Shriram (earlier known as DCM Shriram Consolidated Ltd) operates through three segments—agri-rural business, chlor-vinyl business and value-added business. Its agri-rural business includes manufacturing and selling of urea, sugar, farm solutions and hybrid seeds.
Shares of DCM Shriram were trading at Rs 157.60 per share, up 0.29 per cent on BSE at 10.55 AM in a weak Mumbai market on Wednesday.
Most recently, the firm had sold its 50 per cent stake in its wholly-owned subsidiary Shriram Vinyl Polytech Pvt Ltd (SVPPL) to US-based chemical producer Axiall LLC for Rs 34.65 crore ($5.7 million). Post which, SVPPL has become a 50:50 joint venture between Axiall and DCM Shriram.
For the year ended March 31, 2014, DCM Shriram's PAT stood at Rs 242.38 crore compared with Rs 202.8 crore in the previous year. The firm’s net revenue rose from Rs 5,538.8 crore to Rs 6,182.2 crore in the same period.
(Edited by Joby Puthuparampil Johnson)