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Godrej Industries to sell food business

CHENNAI: Godrej Industries has informed the Bombay Stock Exchange that the company has signed an agreement with Godrej Tea to sell its food business (excluding the manufacturing facility at Wadala, Mumbai) with effect from March 31. Godrej Tea will pay Godrej Industries Rs. 40 crore in cash and Rs. 30 crore in the form of shares. The company and Godrej Tea have signed a shareholders agreement with IL&FS Investment Managers (IIML).

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