Indo National divests its entire 51% stake in Kineco for Rs 220 crore

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Indo National divests its entire 51% stake in Kineco for Rs 220 crore - Business Standard

Quick Summary:

Indo National Ltd, the manufacturer of consumer electrical products and dry cell batteries under brand Nippo, on Tuesday, announced to divest its entire 51 per cent stake in Kineco Ltd, a composites manufacturer, for Rs 220 crore.

The Chennai-based manufacturer plans to deploy the funds in new-age enterprises, aerospace and defence industries, as well as across diverse categories of the fast-moving consumer goods sector, according to a statement.

"The board of directors decided to sell its 51 per cent stake in Kineco Limited to a consortium of investors for a consideration of Rs 220 crore," it said.