ASL Industries announced that the company entered into an agreement with buyer to sell its existing shed and building and few other assets.

Company : ASL Industries Limited

The company ASL Industries Limited has proposed to transfer its leasehold rights on its land in favour of the proposed buyer, Hi Tech Chemicals Private Limited. It has also entered into an agreement to sell its existing shed and building.

Hi-tech Chemicals Private Limited has its registered office at "white house" 119. Park Street, 4th Floor 'D" Kolkata West Bengal 700016, India. On 22nd April, 2019 ASL Industries Limited has entered in to the agreement for sale and by 22nd July, 2019 the completion of sale is expected. Rs.30 Crore considerations were received from such sale.

The percentage of the turnover contributed by such unit during the last financial year is 100% and after this arrangement, the turnover is expected to reduce by almost 60% during this current financial year.

The company is expected to improve its profitability in the current financial year by completing the sale of its existing shed and building and few other assets and using the sale proceeds to reduce its existing depts.

As per the information provided by the company, all the existing manufacturing facilities of the ASL Industries Limited are shifted to a suitable place.

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