In order to reduce its debt and improve cash flows, Kesoram Industries has reportedly sold stakes worth Rs 428.53 crore in several listed companies, including Aditya Birla Nuvo and Grasim Industries, through open market transactions. The shares were acquired by Camden Industries, through block deal. Among the companies whose stake were sold are Aditya Birla Fashion and Retail (ABFRL), Ultratech Cement, Century Enka, Century Textiles and Industries (CTT), Mangalam Cement and Mangalam Timber Products.
Kesoram Industries is engaged in the manufacture of cement, tyres, tubes, rayon, paper, heavy chemicals and spun pipes.
