Supreme Industries has completed the sale of its Auto Comp Business as a going concern on a slump sale basis to Kumi Supreme India Private Limited in terms of the business transfer agreement and other related documents executed in April.
Supreme Industries had executed definitive agreements (joint venture agreement and business transfer agreement) with Kumi Kasei Co (Kumi) and the Kumi Supreme India on April 4.
Accordingly, the Auto Comp Business will be transferred for cash consideration of approximately ₹108 crore and the company will hold 20.67 per cent of the share capital of the JVC.
The company has waived its right to appoint the Chief Operating Officer of Kumi Supreme. Shares of Supreme Industries edged down one per cent at ₹1,116.85 on the BSE.