Rain Industries’ arm completes sale of its two subsidiaries company
1st Jan 2021

Rain Industries’ wholly owned step down subsidiary -- Rain CII Carbon LLC has completed the sale of its Wholly Owned Subsidiaries namely ‘RUTGERS Polymers’, ‘Canada and Handy Chemicals’ (U.S.A.) for an aggregate cash consideration of Rs 63.74 crore.

As a part of its strategy to achieve sustainable growth, create value for all stakeholders and reduce debt, the Company has decided to divest the stake in these two non-strategic subsidiary companies, which are engaged in manufacturing and distribution of Polynaphthalene Sulfonates, under Product-Group Naphthalene Derivates, in Advanced Materials business segment.

The consideration received from the sale of above two subsidiaries will be utilized for repayment of debt and other general corporate needs of the Company.

Rain Industries is engaged in the business of manufacturing cement, Calcined Petroleum Coke (CPC) and power. It is the largest producer of CPC with a production capacity of 2.49 million tonnes per annum (MTPA).