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VIP Industries agrees to dispose land of Haridwar factory

03 Sep 2020 Evaluate

VIP Industries has agreed to dispose of the land and building of the Haridwar factory of the Company on ‘as-is-where-is’ basis. The operation at the said Haridwar factory of the Company has been suspended since March, 2020 due to Covid-19 Pandemic. The Company is disposing of the land and building of Haridwar factory in pieces and hence it is not a slump sale. The consideration received from such sale/disposal will be Rs 25 crore to Rs 30 crore.

VIP Industries is engaged in the manufacturing of hard luggages and soft luggages. The company operates through two segments - Luggage, Bags & Accessories, and Furniture.

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