Bombay Burmah to sell sunmica division

Mumbai : Bombay Burmah Trading Corp. Ltd, a part of the Wadia Group, on Wednesday said it will sell its sunmica division, which makes decorative and industrial laminates, to AICA Laminates India Pvt. Ltd for Rs.100.30 crore as part of a plan to sell low-return businesses.

The 147-year-old firm said in a communication to the Bombay Stock Exchange that it had signed a business transfer agreement with AICA Laminates India to sell its plant at Rudrapur, Uttarkhand. The company will now seek shareholders’ and regulators’ approval, it said.