Anatase Grade Titanium Dioxide producer Kilburn Chemicals Ltd said it has entered into a sale agreement with V.K.A. Polymers Pvt Ltd for its wind mill division.
The wind mill division is to be sold on slump-sale basis at a consideration of Rs 15 crore, the company said in a filing to the Bombay Stock Exchange.
Also, it is expected to complete the transaction over the course of the week itself, it added.
Earlier in May, Kilburn Chemicals entered into MoU with Shri Dhanalakshmi Green Energy India Pvt Ltd for sale of its wind mill division as a going concern on a slump-sale basis.
As per the MoU, the buyer was to pay the balance consideration and complete the transaction on or before May 22, 2015. As the buyer failed to do so, therefore, the company has terminated the MoU and sell the division to a new buyer, the company said in a statement.
Kilburn Chemicals Limited (KCL) is a leading producer and exporter of Anatase Grade Titanium Dioxide in India. It produces Titanium Dioxide by the Sulphate route. KCL also manufactures and exports the by-product Ferrous Sulphate.