ACC sells subsidiary to HNG for Rs 45cr

ACC has sold its wholly-owned-subsidiary ACC Machinery Company (AMCL) to HNG group for Rs 45 crore.

According to a release issued by ACC to the BSE today, AMCL's net profit for the year ended December 31, 2007 stood at Rs 9.75 crore and total income was Rs 63.24 crore.

The release added that AMCL had paid dividend of Rs 190 per share aggregating Rs 7.60 crore in FY07.