Kolkata: FMCG major Emami Ltd is in the process of exiting from the real estate business by selling 100 per cent stake of its wholly-owned subsidiary, Emami Realty Ltd, a company official on Friday said.

It is in talks with other parties for selling the stake of the company in the realty firm, Emami CFO N Bhansali said.

Bhansali said that it could be one of the various group companies of Emami to buy out the stake, or any other entity outside the group.

Emami Ltd Director Aditya Agarwal told PTI today that after acquiring controlling stake in Zandu Pharmaceuticals, the company would now focus more on the FMCG business.

Emami had spent nearly Rs 692 crore in acquiring stake in Zandu.

Agarwal said that Emami Realty would cease to be the subsidiary of Emami Ltd for which the Emami board had adopted an enabling resolution in this regard.

Asked how long would divestment would take, Bhansali said that this would take some time.
Source : DNA