Nippo-maker Indo National sells entire 51% stake in Kineco for Rs 220 cr

New Delhi: Chennai-based Indo National Ltd, the manufacturer of consumer electrical brand Nippo, Tuesday said it has divested its entire 51% stake in composites maker Kineco Ltd for Rs 220 crore.

Indo National said in a statement that it has sold the stake to a consortium of investors. It did not name the buyers.

Pavan Kumar BVS, chief operating officer of Indo National, said the company would deploy the fresh capital into the aerospace and defence industries, and across diverse categories in the fast-moving consumer goods (FMCG) sector.