HEG Ltd, the graphite electrode company of the LNJ Bhilwara group, has decided to spin off its textiles division.
The move is a precursor to merger of the division with any other group company engaged in textiles business or outright sale of the division.
Ravi Jhunjhunwala, chairman cum managing director, said the move was aimed at making HEG Ltd a focused graphite electrode maker.
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The company, one of the largest electrode makers in Asia, has a turnover of Rs 572 crore. In addition to graphite electrodes, the company makes sponge iron and power generation.