April 17, 2024

Bannari Amman Spinning Mills To Sell Garment Unit And Land

Bannari Amman Spinning Mills Ltd recently entered into a Memorandum of Understanding (MoU) for the sale and transfer of its garment unit located at Palladam Hi-Tech Weaving Park, Tamil Nadu, along with 6.43 acres of land at SIPCOT, Perundurai. The financial overview reveals a turnover contribution of Rs 43.95 crore (3.13%) and a net worth contribution of (-) Rs 20.97 crore (-4.49%). The transaction, dated January 6, 2024, is expected to conclude by February 28, 2025, with a purchase consideration of Rs 58 crore.

The buyer, S. P. Apparels Ltd, is independent of the promoter/promoter group. This strategic decision aligns with Bannari Amman Spinning Mills’ efforts to optimize its portfolio, emphasizing efficiency and resource allocation for sustained growth. Further details can be found in the official disclosure on the company’s website or regulatory filings.

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