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Petron Engineering mulling sale of resorts div

Written by: Staff

New Delhi, Aug 31: Petron Engineering Construction Ltd, engaged in providing construction services today said it is planning to sell its resorts division, Petron Resorts, for which it has received the board's approval.

''The Board of Directors has approved an enabling resolution for the sale and transfer of Petron Resorts (a Resort Division of the Company) subject to approval by the shareholders of the Company under section 293(1)(a) of the Companies Act, 1956,'' a company statement said.

The board has also accorded approval for increasing the borrowing limit of the company of up to Rs 200 crore from the existing Rs 50 crore, subject to approval by the shareholders under section 293(1)(d) of the Companies Act, 1956.


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