Voltas Ltd, the air conditioning and engineering services firm is exiting its chemical trading business to focus more on core businesses.
The board had approved transferring the chemicals trading business to the Indian unit of DKSH Holding Ltd, Zurich, for around 200 million rupees on Thursday.
According to executive vice president-finance M.M. Miyajiwala, "It doesnt form part of our main segment of electromechanical engineering and consumer products. It was a small business."
The vice president added that the transfer of the business to DKSH Holding will be completed after it receives the approval of the shareholders. The authority is expecting the approval in two months. Moreover, the business contributed only 1 per cent to total turnover.
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