The capital market was last updated on December 4, 2021 at 14:04 IST
According to the terms and conditions stipulated in the agreement, Keerthi Industries has completed the sale of its wind power division to Mission Biofuels India at a low price for a total consideration of Rs 2.52 crore.
The company’s management has decided to focus on its core business units. Therefore, the board of directors approved the sale of its wind power business. Mission Biofuels India is not part of the company's promoters and promoter groups.
On November 13, 2021, Keerthi Industries' board of directors hinted that it would approve the sale of its wind power unit in the Hassan region of Karnataka to Mission Biofuels India at a low price.
From 2006 to 2007, the company invested in a 1500KVA (kilovolt-ampere) wind power project in Hassan District, Karnataka, which was operated and maintained by Suzlon Energy on behalf of the company.
Keerthi Industries' net profit fell 47.8% to 5.13 crore, and its net sales in the second quarter of FY22 fell 6.8% from the second quarter of FY21 to Rs 5.499 crore.
Keerthi Industries is engaged in cement manufacturing. The company's departments include the Cement Division, the Windmill Division and the Electronics Division.
On Friday, December 3, 2021, Keerthi Industries' share price fell 3.61% to close at 129.35 rupees.
Supported by the capital market-real-time news
(This story has not been edited by Business Standard staff and was automatically generated from the joint feed.)
Business Standard has always been committed to providing the latest information and comments on developments you are interested in, and has a wider political and economic impact on the country and the world. Your encouragement and constant feedback on how to improve our products will only make us more firmly committed to these ideals. Even in these difficult times caused by Covid-19, we will continue to work to let you know and update reliable news, authoritative opinions and insightful comments on relevant hot issues. However, we have a requirement. As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received positive responses from many people who subscribe to our online content. More subscriptions to our online content will only help us achieve our goal of providing you with better and more relevant content. We believe in free, fair and credible news. The support you get through more subscriptions can help us live the journalism we promised. Support high-quality news and subscribe to commercial standards. Digital editor
Copyright © 2021 Business Standards Pte Ltd. all rights reserved.
Business Standard is pleased to inform you of the launch of "Business Standard Advanced Service"
As a premium subscriber, you have unlimited access to a range of services across devices, including:
Welcome to use the quality service of Business Standard provided by FIS. Please visit the Manage My Subscription page to learn about the benefits of this program. Enjoy reading! Team Business Standard