Bombay Dyeing to sell Sunmica division to AICA Laminates for Rs100 crore
10 Aug 2011
Bombay Burmah Trading Corporation Ltd, a unit of Nusli Wadia's Bombay Dyeing group will sell its Sunmica division to AICA Laminates India Pvt Ltd, a subsidiary of Japan's AICA Kogyo Ltd, for about Rs100 crore.
In a regulatory filing, BBTCL said that its board has agreed, subject to necessary approvals, to sell its Rudrapur-based Sunmica division, which manufactures and markets decorative and industrial laminates.
It said that the decision to sell the division is in line with restructuring plans to focus on core business and divest low-return businesses.
BBTCL reported net income of Rs3.59 crore for the quarter ended 30 June 2011 on revenues of Rs81.06 crore against net income of Rs9.90 crore for the same period last year on revenues of Rs77.94 crore.
AICA Kogyo, a 1936 spin-off of chemicals division of Aichi Tokei Denki Co, is involved in materials, design and technology in a range of business fields, starting from chemicals and now including architectural and housing materials, and electronic products.
The Nishi Kasugai-gun-based company is the domestic leader in melamine laminated sheets.
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