Alps Industries has disposed its shareholding in subsidiary company, namely Snowflakes Meditach. These investments were not contributing to the financials of the company since long time.
The sale was concluded on January 9, 2018 for a consideration of Rs 6.10 crore. The purchaser of shares of Snowflakes Meditach is Radix Investment and Leasing, which is not a related party of the company.
Alps Industries is a holding company, which is engaged in the textile business. The company manufactures and sells home furnishings, fashion accessories and yarns in India. Its segments include Home Furnishing & Fashion Accessories; Yarn, and Architectural Products.