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Indag Rubber disinvests solar business
Oct-29-2020

Indag Rubber has decided to disinvest/sale 100% shareholding in Samyama Jyothi Solar Energy (step-down subsidiary) by SUN-AMP Solar India (subsidiary). SUN-AMP Solar India (SUN-AMP) is a non material subsidiary of Indag Rubber (INDAG), in which INDAG holds 51% shareholding. SUN-AMP is selling 100% shareholding (55,61,113 equity shares of Rs 10 each fully paid amounting to paid-up capital of Rs. 5,56,11,130) in Samyama Jyothi Solar Energy (step down subsidiary of INDAG).

The proposed buyer is NextPower III Singapore Holdco. Pte. Ltd., a company incorporated under laws of Singapore (NEXTPOWER). The sale consideration is $1,012,000. INDAG would receive around Rs 4.49 crore (amount invested Rs 2.95 crore) at the time of distribution of funds to shareholders by SUN-AMP Solar India, irrespective of its 51% stake in the subsidiary company. Consequent to the above transaction, SAMYAMA shall cease to be a subsidiary of SUN‐AMP and step‐ down subsidiary of INDAG. SUN‐AMP shall continue to remain a non material subsidiary of INDAG. Indag will continue to focus on its core business of manufacturing of Precured Tread Rubber.

Indag Rubber offers complete range of application specific tread patterns for transportation industry with cost effective tyre solutions.

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