DNA reported that defying all odds, the Ahmedabad based e bike maker and induction melting furnaces & refining equipments company, Electrotherm has sold its ductile iron pipe business to Saint Gobain for a whopping INR 950 crore.

Even as the economy continues to wobble, company said that it has signed agreements with French company, Saint Gobain Produits Pour La Construction SAS, France. The agreement will enable Saint-Gobain to acquire the ductile iron pipes business and 100% stake in a subsidiary of the company for INR 950 crore plus the value of working capital at closing.

The sale is part of Mr Mukesh Bhandari and his family promoted company's aim to reduce its debt and focus on its core businesses of engineering and steel.

(Sourced from DNA)