Impco sells land & building to improve profitability
Symphony announced that its Mexican subsidiary, Impco has sold a part of its Land & Building located on Carr. Miguel Aleman 6061, Col. America, Guadalupe, Nuevo Leon at a consideration of Mexican Pesos 33.6 million (Equivalent to Rs 13.21 crore approx.) plus VAT. Further surplus real estate will be monetized in the times to come.This initiative will help Impco retire internal debt to parent company. This will improve its profitability by reduction in interest, depreciation, overhead and exposure to foreign exchange fluctuations.
This transaction is not falling within the specified related party transaction norms.
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