Welspun Corp to sell Dahej unit assets for Rs130 crore to Laxmi Organic

3 Oct 2022 , 01:26 PM

Welspun Corp Ltd has entered into a Memorandum of Agreement on September 30, 2022 for sale of land, civil structures, excluding plant & machinery, situated at Dahej unit of the Company in Gujarat.

The said unit comprises of insignificant portion of the operations of the Company and the management feels that the transaction would not have any material and adverse effect on operations of the Company.

As per the filing, turnover of Dahej Unit was Rs136 crore comprising of 2.09% of the Consolidated Revenues as of March 31, 2022.

EBITDA for Dahej Unit is Rs(22.13) crore comprising of (2.16)% of the Consolidated EBITDA as of March 31, 2022. Net worth of the Dahej Unit is Rs113 crore comprising 0.25% of the Consolidated Net Worth of the Company as of March 31, 2022.

The Buyer is Laxmi Organic Industries Limited which is incorporated in the year 1989 and the consideration to be received from the above sale will be Rs130 crore, the company said.

At around 1:26 PM, Welspun Corp Ltd is currently trading at Rs261.50 per share down by Rs3.55 or 1.34% from its previous closing of Rs265.05 per share on the BSE.

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