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Indo National divests 51% stake in Kineco for ₹220 crore

The Chennai-based manufacturer plans to deploy the funds in new-age enterprises, aerospace and defence industries, as well as across diverse categories of the fast-moving consumer goods sector, according to a statement.

The Economic Times

Nippo-maker Indo National sells entire 51% stake in Kineco for Rs 220 cr

Chennai's Indo National Ltd has sold its 51% stake in Kineco Ltd for Rs 220 crore to an unnamed consortium. CEO Pavan Kumar BVS stated the funds will be invested in aerospace, defense, and various fast-moving consumer goods sectors.

Business Standard

Indo National divests its entire 51% stake in Kineco for Rs 220 crore

Indo National Ltd, the manufacturer of consumer electrical products and dry cell batteries under brand Nippo, on Tuesday, announced to divest its entire 51 per cent stake in Kineco Ltd, a composites manufacturer, for Rs 220 crore. The Chennai-based manufacturer plans to deploy the funds in new-age enterprises, aerospace and defence industries, as well as across diverse categories of the fast-moving consumer goods sector, according to a statement. "The board of directors decided to sell its 51 per cent stake in Kineco Limited to a consortium of investors for a consideration of Rs 220 crore," it said. Indo National is the second-largest player in the dry cell industry, with a production capacity of 800 million batteries per annum. Besides it also has a presence in consumer electricals and torchlights manufacturing. In 2016, the company invested in Kineco, a key composites business offering a wide range of products and processing technologies for defence, railways and industrial ...

Business Standard

Sri Lanka's JVP vows to cancel Adani wind energy project if elected

The Marxist Janatha Vimukthi Peramuna (JVP) on Monday vowed to cancel the Adani Group's wind power project in Sri Lanka if it gets elected in the presidential election scheduled for the weekend. JVP leader Anura Kumara Dissanayake, the presidential candidate from the broader front National People's Power (NPP), told a political chat show here that they would annul the project. Asked if the project posed a threat to the island nation's energy sector sovereignty, Dissanayake said: Yes. We will definitely cancel it as it threatens our energy sovereignty." The JVP, which led a bloody anti-India rebellion in the island nation between 1987 and 1990 following India's direct intervention in the Lankan civil war through the Indo-Lanka Peace Accord, is believed to be leading in the unofficial polls ahead of the September 21 election. The JVP dubbed the Indo-Lanka Accord a betrayal of the nation and killed the then-ruling party members, supporters and other political activists who supported t