HSIL Limited, India's leading packaging company, approved the divestment of its Building Products division to Brilloca Limited ("Brilloca"), a wholly owned subsidiary of Somany Home Innovation Limited for a cash consideration of R.s 630 crore.
With the proposed transaction, the building products division's entire operating facilities of HSIL will be transferred to Brilloca.
The cash proceeds will be utilized towards the pre-payment of existing bank borrowings which will strengthen the HSIL balance sheet and create capital to further expand its packaging business
The transaction is expected to close by 31st March 2022 or such date as mutually agreed between HSIL and Brilloca.
(With inputs from ANI)
