Banco Products (India) has decided to exit from unrelated business and restrict to its core business of Auto & Auto ancillaries and related businesses. Accordingly the Board of Directors of the company at their meeting held on October 25, 2018 has given approval for the sale of its 100% equity shareholding of Lake Minerals (Mauritius), Mauritius (LMML), subsidiary company to Agro Scientific Investments, Mauritius. After the said proposed sale of shares, LMML shall be ceased as subsidiary of the company.
The Board also approved the sale of its 5% equity shareholding of Kilimanjaro Biochem, Tanzania (Indirect subsidiary) to Agro Scientific Investments, Mauritius.
Further, pursuant to above proposed transaction, Kilimanjaro Biochem, Tanzania (Indirect subsidiary) also shall be ceased as subsidiary of the company.
The aforesaid Sale of Investments is subject to necessary approvals from Regulatory Authorities and such other statutory approvals, if any as applicable in respective countries.
Banco Products (India) Ltd is engaged in the manufacture of high quality engine cooling components and engine sealing gaskets to the automotive.
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