The move, aimed at reducing debt, follows a decision of the company's Committee of Directors who felt that it will be "extremely challenging" for Nuvo to become a global leader as multi-national tyre makers prefer tie-ups with firms which has global spread.
Nuvo, which had clocked Rs 1,983 crore revenue in FY'12, has three plants for making carbon black, used in tyre making and is among country's top three firms in the business.
Globally, however, its share is minuscule at 2 per cent. The company has presence in finance, telecom and textile business, among other areas.
"The Committee of Directors of the Company at its meeting held on April 6, 2013 has...decided to divest Carbon Black Business, on a going concern basis, by way of slump sale to SKI Carbon Black (
"Moreover, in view of the company's capital commitment towards funding the growth of its other businesses, it is extremely challenging for the Company to become a global carbon black player," the filing said.
The sale is subject shareholders and other approvals, it said, adding that the valuation of the business has been done by Deloitte Touche Tohmatsu
"The cash inflow from the divestment of the carbon black business will reduce debt and strengthen the company's balance sheet. This will support growth plans and ensure greater focus on the other businesses of the company," it said.
Aditya Birla Nuvo's net debt to equity ratio stood at 0.66 and net debt to annualised EBITDA at 4.2 as on September 30, 2012.
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