Japanese trading house Itochu Corp has exited polyester manufacturer Indo Rama Synthetics by selling its entire 3.5 per cent equity stake in the company to the promoters, the Lohia family.
The deal was for around Rs 8 crore or $1.25 million via bulk deals on the BSE.
As on December 31, 2013, the promoters of Indo Rama Synthetics owned 64.13 per cent stake in the company and have now hiked it to 67.6 per cent.
Indo Rama Synthetics, a part of Indo Rama group, started commercial operations in 1989, when it first forayed into the business of polyesters. It is one of the key players in local polyester business and offers a wide range of polyester products which include Polyester Staple Fibre (PSF), Partially Oriented Yarn (POY), Draw Texturised Yarn (DTY), Fully Drawn Yarn (FDY) and Polyester Chips.
It has an integrated manufacturing complex at Butibori near Nagpur in Maharashtra.
Indo Rama Group has a strong presence in Indonesia, Thailand, the US, Nepal and Sri Lanka besides India. It has focused on business activities in textiles, polyesters and industrial chemicals.
(Edited by Joby Puthuparampil Johnson)