Nahar to transfer its biz into subsidiary
The Punjab-based Nahar Industrial Enterprises Ltd on Tuesday said with a view to have focused activities of manufacturing and retailing of garments separately it will transfer one of the businesses into a wholly owned subsidiary.
By PTI |
MUMBAI: The Punjab-based Nahar Industrial Enterprises Ltd on Tuesday said with a view to have focused activities of manufacturing and retailing of garments separately it will transfer one of the businesses into a wholly owned subsidiary.
The board of directors at its meeting on Tuesday has decided and approved the transfer of the business into a wholly owned subsidiary subject to necessary approval of shareholders, the company informed the Bombay Stock Exchange.
The company would explore various options for giving shape to the plans to make best use of surplus available land, which is not required by the company for its industrial or manufacturing activities in the near future, it added.
The company is in possession of surplus land at various locations in Ludhiana such as Mundian Kalan, Focal Point and Village Jaialdiwal.
It was proposed that the company would either sell land as it is or develop the land itself for commercial or housing use and it may also tie up with other developer for development of land.
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The empowered committee of Punjab Government has already approved the proposal of the company for development of land situated at Mundian Kalan, in Ludhiana.To commence this new line of business, the company would take necessary approvals from share holders in due course of time.
Shares of the company closed at Rs 200.55, up 1.80 per cent at the BSE.
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