|
| Exchange Disseminated Time | Jubilant Industries Ltd has informed BSE that Jubilant Agri and Consumer Products Limited (“JACPL”), a wholly owned subsidiary of Jubilant Industries Limited (the “Company”), has agreed to transfer its retail hypermarket business undertaking consisting inter alia of 4 (four) hypermarket stores in Bengaluru, India along with certain specified assets and liabilities including dedicated employees, contracts, licenses, permits, consents and approvals relating to this undertaking, (hereafter called the “Business Undertaking”) as a “going concern” to Aditya Birla Retail Limited (“Buyer”) by way of a ‘slump sale’ (as defined under Section 2(42C) of the Income Tax Act, 1961) [“the transaction”] by way of Business Transfer Agreement dated May 12, 2015. The Board of the Company approved the transaction earlier on May 12, 2015.
The transaction is expected to be completed within 4 months, subject to the necessary statutory, regulatory and other approvals, including approval of the Competition Commission of India and the shareholders of the Company. |
|
|