SPIC to divest EPC division to Mirador

Chennai : Southern Petrochemicals Industries Corporation Ltd (SPIC) is planning to divest its engineering and construction services division to Mirador Commercial Pvt Ltd. The transaction is estimated to involve Rs 50 crore. The company has sent a note to its shareholders stating that as per the terms of the rework (restricting) package approved by the corporate debt restructuring (CDR) empowered group in February, it is required to meet the repayment obligation by divestment of its non-core business division and assets.

Through its asset sale committee, the company has identified certain assets which have been or are being sold and the sale proceeds would be remitted to the credit of the lenders' account. Accordingly, in consultation with the lenders, the company proposes to divest the SMO division to MCPL.