Grasim is likely to sell its fertiliser business Indo Gulf to SABIC, Saudi Arabia, for around Rs 3,200 crore, ET Now said quoting sources.
Following the development, shares of Grasim Industries were trading 1.6 per cent higher at Rs 1,133.60 on BSE.
According to the report SABIC has emerged as highest bidder for the fertiliser business and Grasim and the Saudi Arabian company were engaged in advance talks for the same. It is to be noted that Lohias of Indo Rama too had bid for Grasim’s fertiliser business.
Sources told ET Now that Grasim was keen to exit the low margin and highly regulated business and that Kumar Mangalam Birla is keen to align group portfolio and focus primarily on key sectors.