Nippo battery maker Indo National divests 51% stake in Kineco for Rs 220 crore

​Indo National Ltd, the manufacturer of consumer electrical products and dry cell batteries under brand Nippo, on September 17 announced divestment of its entire 51 percent stake in composites manufacturer Kineco Ltd for Rs 220 crore.

The Chennai-based manufacturer plans to deploy the funds in new-age enterprises, aerospace and defence industries, as well as across diverse categories of the fast-moving consumer goods sector, according to a statement.

"The board of directors decided to sell its 51 percent stake in Kineco Limited to a consortium of investors for a consideration of Rs 220 crore," it said.

Indo Nationalis the second-largest player in the dry cell industry, with a production capacity of 800 million batteries per annum. It also has a presence in consumer electricals and torchlights manufacturing.