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EBM News

Talbros Automotive sells defunct plant in Chennai, raises Rs 21 crore

CHENNAI: Auto components manufacturer Talbros Automotive has sold land and building of its defunct plant in Chennai and raised Rs 21 crore. The company plans to utilise the money to reduce its debt and strengthen the balance sheet.

“The company has sold its land and building measuring around 1.67 acres at Ambattur Industrial Estate in Chennai (Tamil Nadu). The proceeds of the sale amounted to Rs 21 crore on a gross basis. The net proceeds after deduction of statutory liabilities would be utilised towards reducing debt and strengthening the balance sheet of the company,” said the company.

“The manufacturing operations at the facility were discontinued accordingly. This will have no impact on the operations of the company,” it added.

Talbros together with JV alliances has eight manufacturing facilities at Haryana, Uttarakhand, and Maharashtra along with one materials division in Gurgaon and R&D technology centre at Faridabad.

The company had reported a whopping 144 per cent jump in consolidated net profit at Rs 10.6 crore for the third quarter ended in December of the financial year 2020-21 against a net profit of Rs 4.3 crore reported in the same quarter of the year.

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