Rallis to buy 26.37% more stake in subsidiary for Rs 20 crore

NEW DELHI: Tata group's agro-chemical firm Rallis India will acquire an additional 26.37 per cent stake in its arm Zero Waste Agro-Organics for nearly Rs 20 crore, making the company a wholly-owned subsidiary.

After the acquisition, Rallis India's stake will increase to 100 per cent in Zero Waste Agro-Organics Ltd (ZWAOL), which manufactures organic compost.

In a filing to the BSE, Rallis India informed that the company has "signed an agreement for increasing its stake in its subsidiary Zero Waste Agro - Organics Ltd from 73.63 per cent to 100 per cent."

"Consequently, ZWAOL will become a wholly owned subsidiary of the company, on completion of the acquisition of the balance shares in ZWAOL," it added.

The total consideration for acquisition of these shares is Rs 19.49 crore.

The company's revenue from operations stood at Rs 11.45 crore in last fiscal.