Eimco Elecon (India) has sold/disposed entire equity/investment of 5,10,000 equity Shares of Rs 10 each (47.62% of share capital) of Eimco Elecon Electricals (EEEL), an associate company, to Aakaaish Investments, a promoter group Company, for a total consideration of Rs 131.02 lakh, accordingly EEEL has ceased as an Associate Company of the Company. The transaction is a related party transaction and the transaction has been entered into on 'arm's length' basis, after relying on various inputs, including Valuation Report.
Eimco Elecon (India) is in the business of manufacturing and marketing equipment for underground and opencast mines.
