Albright to sell phosphates unit to Nilefos

Albright & Wilson Chemicals India today said it had decided to sell its phosphate business to Nilefos Chemicals India, a part of the Madhvani Group.

The company informed the Bombay Stock Exchange that the board today approved the sale decision. It will have to be approved by the shareholders. The company did not give any details.

Nilefos Chemicals will take control of the phosphates business, including manufacturing facilities and assets in Ambernath, together with the liabilities associated with the business.

"This divestment is in line with the company's strategy to strengthen its presence in the fast-growing Indian home and personal care products market. It will enable the company to re-focus on surfactants as a vehicle to profitable growth," said D D Chopra, chairman, Nilefos Chemicals.

Nilefos posted a net profit of Rs 25 lakh on net sales of Rs 140 crore last year. The company's enterprise value is Rs 37 crore, while its net worth is Rs 61 crore.