EICL (formerly English Indian Clays Ltd), owned by businessman Karan Thapar, is in advanced discussions with Riddhi Siddhi Gluco Biols Ltd to sell its industrial starch manufacturing business, two persons in the know told Mint.
Ahmedabad-based Riddhi Siddhi Gluco Biols is into wind energy generation and trading of agriculture and metal commodities.
EICL is engaged in the business of mining of clay and manufacturing of processed clay, starch and allied products.
The starch products are supplied to various industries including paper, textile, food and pharmaceuticals.
According to EICL’s latest annual report, a starch facility at Yamunanagar in Haryana was sold to Ahmedabad-based starch manufacturing company Bluecraft Agro Pvt. Ltd for Rs 52.5 crore in February.
In a separate development, owned cars platform Spinny, operated by Gurugram-based Yellow Drive Technologies Pvt. Ltd, is in talks to raise $10-15 million from Accel Partners and Sequoia Capital, two persons in the know told Mint.
Last year, the company had raised $1 million (around Rs 6.4 crore) in a seed round led by Blume Ventures.
Owned automobile marketplace HopCar merged its operations with Spinny in June 2016.
