Gwalior Chemical Industries Ltd today said it has signed an agreement with German chemicals maker Lanxess to sell its chemicals business for Rs 536 crore.
''Estimated debt that will be taken over by Lanxess will be nearly Rs 156 crore. The equity value accruing to the company on subtraction of estimated debt and deal related expenses will be Rs 380 crore, '' Gwalior Chemical said in a statement.
The process is expected to be completed by September 30, 2009, it added.
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