The Kolkata-based ₹845-crore Kanoria Chemicals & Industries will offload a 20 per cent stake in its wholly-owned Swiss subsidiary APAG Holding AG to Novares Venture Capital of France for ₹52 crore.
According to a notice to the bourses, Kanoria Chemicals has entered into a binding agreement with Novares. The funds will be raised through an issue of fresh equity shares.
Kanoria had acquired APAG and its subsidiary, APAG Electronik AG, Switzerland, in 2012. APAG is engaged in the development and sale of electronic and mechatronic modules and control devices for the automotive, consumer goods and other sectors.
In 2016-17, APAG reported a turnover of ₹361 crore and a net profit of nearly ₹2 crore.