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Article: INDIA'S ENKAY TEXOFOOD TO SELL TEXTILE DIVISION.
- Article from:
- AsiaPulse News
- Article date:
- March 30, 2000
CopyrightCOPYRIGHT 2000 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW DELHI, March 30 Asia Pulse - Enkay Texofood Industries Ltd, maker of 'Onjus', is selling its textile division to Adinath Filament Ltd for a consideration of Rs710 million (US$16.3 million), a company official says.
"We should complete the transaction within two weeks and are awaiting clearance from the financial institutions," Sunil Deshpande, President of Enkay Texofood said.
However, there would be no cash transaction involved in the sale as Enkay Texofood would transfer debts of the textile division to Adinath, which would liquidate it.
Deshpande ...