Shankara Building Sells Partial Processing Capacities To Apollo Tubes
Shankara Building Products Limited informs that as part of the conscious effort to rationalize its processing operations and focus more on its core business of retail and marketing, Taurus Value Steel & Pipes Private Limited (wholly owned subsidiary of Shankara Building Products Limited) is undertaking a partial sale of its processing capacities. A significant asset located in Chegunta near Hyderabad (Telangana) has been agreed to be sold to APL Apollo Tubes Limited.
Taurus did not have substantial capacities to avail scale benefits and did not have plans to increase capacities either. This measure will help release funds and further strengthen tile consolidated balance sheet of Shankara.