Symphony’s Mexico based subsidiary -- Impco S. de R. L. de. C. V -- has sold a part of its Land & Building located on Carr. Miguel Aleman 6061, Col. America, Guadalupe, Nuevo Leon at a consideration of Mexican Pesos 33.6 million or Rs 13.21 crore plus VAT. Further surplus real estate will be monetized in the times to come.
This initiative will help Impco retire internal debt to parent company. This will improve its profitability by reduction in interest, depreciation, overhead and exposure to foreign exchange fluctuations. This transaction is not falling within the specified related party transaction norms.
Symphony recognizes the importance of emerging non-traditional segments and will evolve policies and develop products to fully harness their potential, while continuing to reap strong relationships with its vast network of dealers in the traditional trade channel.
