Nahar Industrial to transfer retailing of garments to subsidiary

Nahar Industrial Enterprises Ltd has announced that the Board of Directors of the Company at its meeting held on September 12, 2006, has decided and approved that with a view to have focused activities of manufacturing and retailing of garments separately, the company would transfer this business into a wholly owned subsidiary subject to necessary approval of shareholders.

The Company is in possession of surplus land at various locations such as

i. Mundian Kalan, Distt. Ludhiana

ii. Focal Point, Ludhiana and

iii. Village Jaialdiwal, Near Raikot, Distt. Ludhiana

having substantial market value. Further it is decided that Company would explore various options for giving shape to the plans to make best use of surplus available land which is not required by the Company for its industrial / manufacturing activities in the near future. After detailed discussion on the matter, it was proposed that the Company would either sell land as it is or develop the land itself for commercial / housing use. The Company may also tie up with other developer for development of land.

Further, the Company has informed that, the empowered committee of Punjab Government has already approved the proposal of the Company for development of land situated at Mundian Kalan, Distt. Ludhiana. To commence this new line of business, the Company would take necessary approvals from share holders in due course of time.

Source : Equity Bulls

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