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Talbros Automotive sells defunct Chennai plant to raise Rs 21 crore

 MollyCharlotte
  48
 May 31, 2024

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Mumbai: Auto component maker Talbross Automotive on Thursday, he said, has raised Rs 210 crore by selling land and buildings of its defunct Chennai plant. The funds will be used to reduce debt and strengthen the balance sheet. The Gurgaon-based company is involved in two-and three-wheelers, passenger cars, commercial vehicles, agricultural/off-road vehicles and industrial vehicles and has its own manufacturing facilities in Haryana, Uttarakhand and Maharashtra.

“. The company has sold approximately 1.67 acres of land and buildings at Ambattur Industrial Park, Chennai (Tamil Nadu),” Talbros Automotive Components Ltd said in a regulatory filing.

Total sales revenue was Rs 210 crore. The net proceeds after statutory liabilities will be utilized to reduce debt and strengthen the balance sheet of the company.”

The manufacturing operations at the plant have been discontinued, the company said, adding that this will not affect the company’s operations.

TACL its joint venture consortium has 8 in Haryana, Uttarakhand and Maharashtra 1 manufacturing unit in Gurgaon 1 manufacturing unit in Gurgaon Each material unit has a research and development center at the Faridabad Technology Center.

We have technical tie-ups with Nippon Leakless, Japan and Sanwan Packaging, Japan.

Revenues grew by 35% (Rs. 1,321 crore in December 2017) and TACL’s net profit grew by 144% to Rs. 10.16 crore as compared to the same period last year. This compares to Rs 974 million in Q3 2020.

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