New Delhi, Nov 2 (UNI) Apar Industries Ltd, an electrical and metallurgical engineering company today said it will sell its polymers unit for Rs 111 crore to the Indian unit of the Eliokem group.
The company has initiated steps to comply with the preconditions and the deal is contemplated to be concluded within 90 days, it said in a statement.
Eliokem, a specialty chemicals and polymers producer, is a former division of The Goodyear Tyre&Rubber company.
''The move is in sync with the growth strategy that the Group has set up for itself. Apar Industries will now concentrate on its core business and area of expertise which will enable the Group to grow faster, as the sale of the division releases substantial resources for allocation into focus areas,'' company's Chairman Dr Narendra Desai said.