SPIC has sold its engineering division, SPIC-SMO, to a Kolkata-based company, it is learnt. Sources put the consideration at Rs 50 crore.
This is pursuant to a restructure package approved by lenders (banks) under the ‘corporate debt restructure' mechanism. The package binds SPIC to divest its non-core activities, and remit the proceeds to the lenders' accounts.
Earlier, SPIC had sold its stake in joint ventures, Technip India, and in Indo-Jordan Chemicals, a company based in Jordan.
SPIC also off sold several properties, including godowns and guest houses, to raise funds to pay off the lenders.
The company is seeking shareholders' approval via a postal ballot to sell SPIC-SMO.