"...We have intimated that all the manufacturing activities at Perungudi in Chennai has been stopped, as such the assets have become surplus to our requirements. It was also mentioned, the Board has given its in-principle approval to explore various options for monetization of surplus assets of the company," Kansai Nerolac Paints Ltd said in a BSE filing.
Responding to reports of sale of the Chennai factory, the company said, "At this point of time, no deal has been finalised and no decision on the same has been taken with regard to sale of Company's land at Perungudi, Chennai".
"Expansion of the unit was also not feasible. All the workmen of the company opted for voluntary retirement scheme. The assets have become surplus to our requirements," it said.
Shares of the company today closed at Rs 225.65 apiece, up 0.69 per cent on the BSE.