Bambino Agro Industries has decided to sell its non-productive plants, machineries and other fixed assets located in Madhya Pradesh and Telangana for a consideration of Rs 16.65 crore.
However, any agreement is yet to be executed and signed, the company said in a regulatory filing.
Bambino Agro Industries manufactures pasta and food products like vermicelli and macaroni among others.
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The company said it has decided to dispose of the plant at Indore Madhya Pradesh as it is lying idle since August 2016 and plant at Bibinagar, Telangana is giving insubstantial output that has escalated cost.
These non-productive assets contributed Rs 75.18 crore, which is 28 per cent of the total turnover of Rs 269.80 crore achieved in the last financial year, it added.
It further said efforts have been made to find prospective buyers while also considering Bambino Pasta Food Industries and Seshsayi Foods Pvt Ltd.
The company said it also intends to expand by acquisition of new assets in UP and Rajasthan.
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