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| Exchange Received Time 03/08/2017 17:18:03 Exchange Disseminated Time 03/08/2017 17:18:09 Time Taken 00:00:06 | Sub: Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('LODR Regulations')
The Company had vide its letter dated May 10, 2017 informed the Exchanges that it has signed a Business Transfer Agreement ('the Agreement') with Unnati Inorganics Private Limited, located at Dahej, Gujarat to acquire their undertaking of precipitated silica operation, on a slump sale basis, for a consideration of Rs. 34.20 crore.
In this regard, we wish to inform you that the Company has cancelled the transaction in view of the non-fulfilment of certain condition precedents set out in the Agreement.
The above decision does not affect the execution of the project with an investment of Rs. 295 crore for manufacturing of precipitated highly dispersible silica as approved by the Board of Directors of the Company and informed to the Exchanges vide its letter dated February 9, 2017 which is on track.
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