Greaves to sell holding in JV

KOLKATA, JUNE 9. Greaves said it would sell its stake in the joint venture company Piaggio Greaves Vehicles for Rs. 31.50 cores.

``The directors in a meeting have approved the sale of 49 per cent holding in the joint venture, comprising 166.60 lakh equity shares of Rs. 10 each fully paid up for a consideration of Rs. 31.50 crores," Greaves vice-president (finance) and company secretary, Mr. R. Varahamoorthy, said in a communique.

He said the board also granted in principle approval for divestment of RPRL unit, business group I and II and decided to suspend production at the units for the time being.

The company also granted in principle approval for entering into a memorandum of understanding for divestment of business group III consisting of light diesel and portable engines with Lombardini of Italy.

All the decisions were subject to regulatory and other approvals and clearances, Mr. Varahamoorthy said. He said definitive proposals and agreements for the above decisions would be communicated when deals were concluded with the prospective buyers.

- PTI

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