Maxwell Inds to hive off spinning activity in 10-12 days

Maxwell Industries plans to hive off their spinning activity and expects Rs 39 crore from it.

R Venkatraman, vice president for finance at Maxwell Industries indicated that the company has received 90% of the amount. "The deal is likely to get over by the next 10-12 days time," he added. He also said that the licenses are getting transferred to a new buyer.
The company has been utilising these funds to pay off their high cost debts and restructure their debt equity.
Venkatraman mentioned that the company would terminate all its long-term debt. A small portion of the debt will be used to repay the preference capital of about Rs 6,000-6,500 crore, he stated.