Aditya Birla Group firm Grasim Industries ltd will sell its wholly-owned subsidiary Grasim Bhiwani Textiles to Rajendra Synthetics, a part of Donear Group, for an undisclosed amount.
This is a part of the company’s strategy to consolidate its focus on the core business, the company said in a statement.
The board of the company in a meeting held today approved the agreement to transfer 100 per cent stake in GBTl to Donear Group.
“The company has entered into a definitive agreement for divesting the company’s total investment in GBTl to Rajendra Synthetics Pvt ltd, Mumbai (part of Donear Group),” said Grasim Industries in a regulatory filing.