Godrej Inds sells foods unit for Rs 70cr

The board of directors of Godrej Industries, which met today, approved the sale of the foods division of the company (excluding the Wadala factory) to Godrej Tea for Rs 70 crore plus excess of net working capital, if any, over Rs 15 crore.

According to a release issued by Godrej Industries to the BSE today, Godrej Tea will pay Rs 40 crore and excess of net working capital, if any, over Rs 15 crore on the date of transfer in cash, and the balance Rs 30 crore as equity shares in the combined entity.

"The company is expected to sign an agreement with Godrej Tea for the sale of the foods division shortly," the release added.