Grasim likely to sell fertiliser business for Rs 3,200 crore

India Infoline News Service | Mumbai | September 28, 2017 15:31 IST

Grasim is expected to sell off its fertiliser business Indo Gulf to Saudi Arabia-based SABIC, for nearly Rs 3,200 crore.

Grasim is expected to sell off its fertiliser business Indo Gulf to Saudi Arabia-based SABIC, for nearly  Rs  3,200 crore, reported a leading news daily. Post the news buzz, the share price of Grasim Industries was trading 1.6% higher at Rs 1,133.60 per share on BSE. 

SABIC has come out as the highest bidder for the fertiliser business, thus engaging Grasim and the Saudi Arabian company in advance talks, the report said. The company plans to exit the low-margin and highly regulated business, whereas, Kumar Mangalam Birla is inclined towards aligning the group portfolio to focus majorly on key sectors. 

Grasim Industries was trading at Rs 1,131.65 per share, higher by 1.42% on BSE at 1450 hours on Thursday. The stock had hit an intraday high of Rs 1,143.20 per share and an intraday low of Rs 1,103.75 per share on BSE. The stock had hit its 52 week high of Rs 1274 per share on September 12, 2017 and its 52 week low of Rs 626.22 per share on November 21,  2016  on BSE.  

***Note: This is a NSE Chart

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