Electrical and metallurgical engineering company, Apar Industries has decided to sell its polymer division to France-based Eliokem for Rs 111 crore, subject to regulatory approvals.

Eliokem is engaged in manufacturing, marketing and distribution of niche specialty chemicals.

The source said, “The unit based in Valia, Gujarat will be sold on a growing concern basis with the deal to be finalized within a period of 90 days.

The deal is subject to certain preconditions including corporate and Governmental approvals. The Sale price is subject to adjustments stipulated in the agreement.

The stock closed today at Rs 260.80 on NSE, up by 4.17 % from previous close of Rs 250.35. The stock hit an intraday high of Rs.280.00 and low of Rs.252.00.