HSIL’s Board has approved the divestment of its Building Products division to Brilloca, a wholly owned subsidiary of Somany Home Innovation (SHIL) in a slump sale transaction for a cash consideration of Rs 630 crore.
Cash proceeds of Rs 630 crore will be utilized towards the pre-payment of existing bank borrowings which will further strengthen the HSIL balance sheet and create capital to further expand its packaging business. Going forward, HSIL will completely focus on the expansion of its packaging business and capitalize on both organic and inorganic opportunities.
HSIL is India's leading packaging company.
