Ester Industries sells its engineering plastic biz for Rs 28933 cr

12 May 2022 , 01:33 AM

Ester Industries announced on 6 May 2022 that it has entered into a definitive agreement to sell its Engineering Plastic Business to Radici Plastics India engaged in the business of manufacturing of Engineering Plastic products in an all-cash slump sales transaction amounting to Rs 28933 crore The transaction enables the Ester Industries management to better focus on its core business of developing niche and complex products within its core Polyester Films and Specialty Polymer businesses Furthermore the proceeds from the transaction will not only result in stronger balance sheet for Ester Industries but also provide the requisite growth capital for scaling up its capacities in business areas wherein the Company believes there is opportunity to enhance value