Corporate News 31-Dec-20
Somany Home Innovation completes sale of water heater business undertaking to subsidiary
The Board of Somany Home Innovation at its meeting held on 30 December 2020 has noted the completion of sale of water heater business undertaking (WHBU) being part of consumer product division of Company, to its wholly owned subsidiary Hintastica (HPL) by way of slump sale through business transfer agreement with effect from 31 December 2020. The company shall receive a lump sum consideration of Rs. 49.37 crore from HPL against slump sale of WHBU to HPL on a going concern basis.
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