Schrader Bridgeport International Inc of the US has exited Schrader Duncan.
Schrader Bridgeport was the majority partner in the listed Indian tyre tube valves and pneumatic products joint venture.
JP Goenka group, the junior partner, through one of its outfits Oriental Carbon & Chemicals Ltd (OCCL), has bought out the entire 50 per cent stake of Schrader Bridgeport.
As on March 31, 2012, JP Goenka group outfits a total of 24.5 per cent — OCCL held 12.58 per cent and Cosmopolitan Investments Ltd had 11.91 per cent.
According to the Schrader Duncan disclosure to the BSE, Schrader Bridgeport has sold off its 50 per cent stake to Indian partner OCCL for Rs 14.53 crore. As a result, the shareholding of JP Goenka goup has gone up to 74.50 per cent.
Originally incorporated as Schrader Scovill Duncan Ltd in 1961, Schrader Duncan recently has also reported withdrawal of board representatives by the US company.
Schrader Duncan also informed the BSE that the sale of company’s Mulund land has been concluded on June 22 for Rs 43.88 crore.
Source: Business Line