Uflex divests 82 per cent stake in Utech Developers

Country's largest packaging company Uflex on Friday said the company has disinvested its 82 per cent stake in wholly-owned subsidiary Utech Developers Ltd. Financial details of the deal were not disclosed.

"The company has completed the sale of its 82% stake in Utech Developers Limited on 03rd October, 2019. Consequently, Utech Developers Limited has ceased to be subsidiary of the company," Uflex said in a BSE filing. After the transaction, SD Buildwell Pvt Ltd, the wholly-owned subsidiary of Utech Developers has also ceased to be the step down subsidiary of Uflex, it added.

In July this year, the company had informed the stock exchanges about disinvestment in Utech Developers.

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