Auto-components maker Talbros Automotive on Thursday said it has raised Rs 21 crore by selling the land and building of its defunct plant in Chennai and these funds will be utilised to reduce debt and strengthen the balance sheet. The Gurgaon-based company, which has presence in segments such as two and three-wheeler, passenger and commercial vehicles as well as agri/offroader and industrial, has production facilities across Haryana, Uttarakhand and Maharashtra.
“…the company has sold its land and building measuring around 1.67 acres at Ambattur Industrial Estate in Chennai (Tamil Nadu),” Talbros Automotive Components Ltd said in a regulatory filing.
“The proceeds of the sale amounted to Rs 21 crore on gross basis. The net proceeds after deduction of statutory liabilities would be utilised towards reducing debt and strengthening the balance sheet of the company,” it said.
The manufacturing operations at the facility were discontinued, it said adding, accordingly, this will have no impact on the operations of the company.
TACL, together with JV alliances, has eight manufacturing facilities at Haryana, Uttarakhand, and Maharashtra along with one materials division in Gurgaon and R&D technology centre at Faridabad.
The company has technical collaborations with Nippon Leakless Corporation – Japan and Sanwa Packaging – Japan.
TACL net profit surged 144 per cent to Rs 10.16 crore in December quarter of the current fiscal over the same period last year on the back of a 35 per cent growth in topline, which stood at Rs 132.1 crore during the quarter as compared to Rs 97.4 crore in Q3FY20.
Source: Economic Times