Deepak Fertilizers & Petrochemicals Corp announced that the company has divested 21.51% stake held in Desai Fruits and Vegetables(DFV), an associate company to Contract Farming Mauritius for consideration of Rs 28.20 crore. The company now hold only 7.17% stake in DFV. The transaction is part of the company's strategy to divest from non-crore investment.
Further, Contract Farming Mauritius has agreed to purchase the balance investments on or before 5 October 2020. Consequent to the aforesaid stake sale, DFV now is no more an associate company of Deepak Fertilizers & Petrochemicals Corp.
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