ET reported that France's Saint Gobain, a global leader in construction, building materials and glass, will acquire electrotherm's iron pipe business and 100% stake in a subsidiary of the company for INR 950 crore.

Electrotherm Ltd in a filing to the BSE said that "Electrotherm had today executed binding agreement pursuant to which Saint Gobain Pour La Construction SAS will acquire Electrotherm's Ductile iron pipes business for INR 950 plus the value of working capital at closing.”

It added that the transaction will be subject to the terms and condition as set out in the binding agreement entered by the parties.

(Sourced from ET)