DCM Shriram Consolidated Ltd (DSCL) is transferring one of its business units – Shriram PolyTech to its wholly-owned subsidiary SBM Yarn Ltd.
The board of DSCL approved the transfer of Shriram PolyTech, on a going concern basis, which will be effective March 15, the company said in a note to the BSE.
Shriram PolyTech is engaged in poly vinyl chloride (PVC) compounding business for various applications in industries such as electrical wire & cable, automotive, food & medical along with development of new products based on customer requirements.
The revenues of Shriram PolyTech were not disclosed. The shares of DSCL ended about one per cent higher at Rs 55.20 on the BSE on Friday.