Thursday, 8 September 2011

Wadia group sells spring unit for Rs 181 crore




Textile-to-real estate conglomerate Wadia Group has sold its spring division BCL Springs to Japanese technology partner NHK Spring for 180.50 crore. The move is in line with the group's policy to move out of non-core business areas and focus on core activities.

BCL Springs - a division of Bombay Burmah Trading, the oldest company in Wadia Group - is India's second-largest spring manufacturer and supplier to some of the top carmakers, including Maruti Suzuki,Tata Motors, Hindustan Motors and Suzuki Powertrain.

This transaction is part of our plan to reduce exposure on non-core areas and to reduce debt," Bombay Burmah Managing Director Ashok Panjwani told ET after a board meet. In August, Bombay Burmah sold its laminates unit and investments in a rubber business for 170 crore. It sold its sunmica division to Japan's AICA Kogyo for 100 crore and also sold 50% in PT Indo Java Rubber Planting for 70 crore. 

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