DCM Shriram’s board has approved execution of Shareholders’ Agreement, Share Purchase Agreement and other transaction documents amongst the Company, Shriram Polytech (SPL), wholly owned subsidiary of the Company, and Teknor Apex B.V. (Teknor), pursuant to which the Company will transfer 50% equity stake held in SPL to Teknor, for a cash consideration of $5.6 million.
Consequent to the above, SPL shall cease to be wholly owned subsidiary of the Company and shall be reclassified as a Joint venture of the Company.
DCM Shriram runs two businesses energy intensive and agri business. The company is also the third largest manufacturer of Chlor-Alkali in the India. They have launched value added UPVC window system business under the Fenesta TM brand in India.
