With the execution of Share Purchase Agreement (SPA) for sale of India Glycols Limited's entire investment in equity shares of joint venture namely Kashipur Infrastructure and Freight Terminal Private Limited (KIFTPL) to Gateway Distriparks Limited (the buyer).

Upon fulfillment of conditions precedent under the SPA, on 23rd December, 2022, the company has transferred 42.31% shareholding (i.e. 26,74,418 shares) of KIFTPL to the buyer (in accordance with the term of the SPA), and has received Rs. 61.17 crore after adjustment in terms of SPA. Further, company's affiliate has also transferred 6.61% shareholding of KIFTPL to the buyer (in accordance with the term of the SPA).

Subsequent to the said transfers, KIFTPL ceased to be a Joint Venture of the company.

Additionally, the company has signed an Agreement to Sell (ATS) with the buyer to sell / transfer land admeasuring approx. 7.544 acres which forms part of the private freight terminal owned and operated by KIFTPL, at a consideration of Rs. 8.97 crores. The company will close all actions and formalities related to sale of this land in due course.