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B K Birla and Assam Cotton to part ways
24 Jun '05
2 min read
In a move to divest its entire stake in Assam Cotton Mills Ltd, the B K Birla group is planning to hive Assam Cotton Mills, a subsidiary of the group's flagship Kesoram Industries.
Kesoram Industries Chairman B K Birla said, “We are planning to sell Assam Cotton Mills. We have got some offers from different parties but nothing has been finalized yet.”
Sources said B K Birla had already initiated discussions with potential buyers for disposing Assam Cotton Mills.
The reason behind this move is attributed to the potential value of the land of the plant in Assam. However, sources indicated that B K group might explore other options if they do not get a good deal.
It is believed that Kesoram Industries could sell the land first, and then could apply for winding up of Assam Cotton Mills.
Kesoram is looking for deriving optimum value from Assam Cotton, and a lot depends on the price, added sources.
Assam Cotton, which had suffered a loss of Rs 1.07 crore in 2004-05, has already sold off most of the plants and machinery.
The accumulated losses of Assam Cotton Mills had eroded more than 50 percent of its net worth. However, the company has already paid workers dues.
Kesoram Industries Chairman B K Birla said, “We are planning to sell Assam Cotton Mills. We have got some offers from different parties but nothing has been finalized yet.”
Sources said B K Birla had already initiated discussions with potential buyers for disposing Assam Cotton Mills.
The reason behind this move is attributed to the potential value of the land of the plant in Assam. However, sources indicated that B K group might explore other options if they do not get a good deal.
It is believed that Kesoram Industries could sell the land first, and then could apply for winding up of Assam Cotton Mills.
Kesoram is looking for deriving optimum value from Assam Cotton, and a lot depends on the price, added sources.
Assam Cotton, which had suffered a loss of Rs 1.07 crore in 2004-05, has already sold off most of the plants and machinery.
The accumulated losses of Assam Cotton Mills had eroded more than 50 percent of its net worth. However, the company has already paid workers dues.
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