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Tune in on 17th July for the Small Business Virtual Summit with Cisco. Register now!
Last Updated : Apr 07, 2016 05:26 PM IST | Source: CNBC-TV18

Sundaram Fasteners sells stake in German arm to rejig intl biz

S Meenakshisundaram, CFO, Sundram Fasteners, says the company has divested stake in its German subsidiary entirely.

Fastener manufacturer Sundaram Fasteners has restructured its international operations and sold its stake in TVS Peiner and PUT Grundstucks, entirely. With this move, the company has divested its stake in German subsidiary, says S Meenakshisundaram, CFO of the company.

Speaking to CNBC-TV18, Meenakshisundaram says the company is left with a Chinese and a UK subsidiary, having Rs 142 crore and Rs 96 crore turnover, respectively. The remaining subsidiaries will become a part of Sundaram International post divestment, he adds.

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First Published on Apr 7, 2016 05:26 pm
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