Oricon Enterprises' arm to sell Toyota Dealership Business on slump sale basis

24 Aug 2017

Oricon Enterprises has received an approval for sale and transfer by its subsidiary, Shinrai Auto Services of its Toyota Dealership Business to Madhuban Motors, a company incorporated under the laws of India, as a going concern on a slump sale basis, for a total consideration without values being assigned to individual assets and liabilities of Rs 28.35 crore in cash.

The sale consideration is subject to such adjustment for net working capital; and assumption of credit facilities and loans, on such terms and conditions as may be required in this regard under the Business Slump Sale Agreement. The board of directors at its meeting held on August 23, 2017 has approved for the same.

Oricon Enterprises is engaged in the business of manufacturing petrochemical products and developing real estate.

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