Jubilant Ind arm to transfer hypermarket to Aditya Birla

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Moneycontrol Bureau

Shares of Jubilant Industries were locked at 10 percent circuit, hitting Rs 163.90 per share intraday on Tuesday.  Its wholly owned subsidiary Jubilant Agri and Consumer Products will transfer its retail hypermarket business including four hypermarket stores in Bengaluru to Aditya Birla Retail via slump sale.

“Jubilant Agri and Consumer Products has agreed to transfer its retail hypermarket business undertaking consisting inter alia of four hypermarket stores in Bengaluru, India along with certain specified assets and liabilities including dedicated employees, contracts, licenses, permits, consents and approvals relating to this undertaking, to Aditya by way of a slump sale,” it says in a statement.

The board of the company has approved the transaction earlier on May 12. The transaction is expected to be completed within four months months, subject to the necessary statutory, regulatory and other approvals, including approval of the Competition Commission of India and the shareholders.

Jubilant Industries is the flagship company of agri and performance polymers business of the Jubilant Bhartia group. The company’s portfolio includes a wide range of crop nutrition, crop growth and crop protection agri products and performance polymers products comprising consumer products like adhesives, wood finishes, food polymers and latex such as vinyl pyridine, SBR and NBR latex.

It offers a range of products in crop nutrition, crop growth regulator and crop protection areas under the brand “Ramban”.

The company had reported a dismal March quarter earnings with a net loss of Rs 54.39 crore for the fourth quarter ended March 2015 as against a net profit of Rs 75.52 crore in the same quarter last fiscal.

09:34 hrs Jubilant Industries was at Rs 163.90, up Rs 14.90, or 10.00 percent on the BSE

Posted by Nasrin Sultana