Uflex has entered into an agreement to disinvest its 82% stake in Utech Developers, a wholly owned subsidiary of the company. Upon completion of the transaction, Utech Developers will cease to be subsidiary of the company.
Consequently SD Buildwell, being wholly owned subsidiary of Utech Developers will also cease to be the step down subsidiary of the company. The consideration to be received is Rs 125.05 crore, in the form of Redeemable Preference Shares of the Buyer i.e. Montage Enterprises.
Uflex is India’s largest multinational flexible packaging materials and Solution Company and an emerging global player. Since its inception back in 1985, Uflex has grown from strength to strength to evolve as a truly Indian Multinational with consumers spread across the world.
