Murugappa group sells two units

NEW DELHI, SEPT 11: As part of its first phase of restructuring exercise, the Chennai-based Murugappa group has sold its Parryware Ceramic Tiles unit to HNR Johnson and Meltrack cassette unit and electronic arm to the RPG group for a combined consideration of Rs 25 crore.

While the sell-off of the tile business has already been completed, A Vellayan, managing director of Tube Investments of India Ltd TII, told UNI that the agreement for transferring the group8217;s stake to RPG has just been signed. He, however, declined to disclose the exact price for selling off the individual businesses.

The entire restructuring exercise, which includes selling off part stakes in its other businesses, would be completed within two years.

Vellayan further stated while the group has sold off the Parryware tile business, the sanitary ware segment has been retained. This restructuring is being effected on the recommendation of McKinsey consultants.