MAN Industries to divest up to 100% of investment in its subsidiary

CRISIL upgrades MAN Industries credit ratings

Man Industries (India) Limited, one of India’s leading Large Diameter Pipe manufacturing companies, has proposed to divest up to 100% of its Equity Investment held in its subsidiary company, “Merino Shelters Private Limited”. This proposal will help the Company to concentrate on its core business and monetize non-core assets. The proceeds will be utilized in the Company’s CAPEX plan to enhance the product range and entry into value-added segments.

On the announcement, Dr. R. C. Mansukhani, Chairman, Man Industries (India) Limited said ‘The Company will take a significant step forward with the fruition of the proposal. We have already received a Letter of Intent (LOI) from the prospective investors and the Board, who have in-principally approved the divestment. We are looking forward to the finalization of the divestment and confident that by entering into newer value-added segments and enhancing the product range, we will provide great value and reach out to customers across regions’.