India, Jan. 17 -- HIL has received approval for the sale and transfer of the Company's calcium silicate insulation products division operated under the brand 'HYSIL' to Calderys India Refractories through a slump sale arrangement on a going concern basis. The total purchase consideration payable by the buyer to the Company is Rs 80 crore. The Board of Directors of the Company at its meeting held on January 16, 2020 has approved the same.

HIL is a leading player in asbestos cement sheet (ACS) for roofing, from which it derives 70 per cent of its revenue at present.

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