The major cement manufacturer company, ACC Ltd has recently announced that it has sold its wholly-owned subsidiary ACC Machinery Company Ltd to the HNG Group, in order to exit all types of non-core business. The company officials have informed that the hand over involved an investment of Rs 45 crore and this came in accordance with the companys strategy to leave the non-core business.
The company has already released an official statement in order to inform the Bombay Stock Exchange about this selling and said, "ACC Machinery has reported a net profit of Rs 9.75 crore for the year ended December 31, 2007, while sales and other income amounted to Rs 63.24 crore. The company announced a dividend of Rs 190 per share aggregating Rs 7.60 crore". It can be mentioned here that the company did sell its another subsidiary, ACC Nihon Castings unit in the last year for an amount of Rs 30 crore.
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| Posted : 3/18/2008 |
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