DCM Shriram Limited has approved the transfer of a 50% equity stake in its wholly owned subsidiary, Shriram Polytech Limited (SPL), to Teknor Apex B.V. for a cash consideration of $5.6 million, the company said in an exchange filing on April 16.
Following the stake transfer, Shriram Polytech will cease to be a wholly owned subsidiary and will be reclassified as a joint venture of DCM Shriram.
The transaction involves execution of a shareholders' agreement and share purchase agreement between DCM Shriram, SPL, and Teknor Apex B.V., a Netherlands-based entity and a subsidiary of US-based Teknor Apex Company.
The company said the partnership represents a strategic move to strengthen its advanced materials and polymer compounds business, while expanding global collaborations in high-growth segments. By combining Shriram Polytech's domestic manufacturing capabilities and expertise in vinyl compounds with Teknor Apex's global formulation strengths, the joint venture aims to deliver high-performance and sustainable specialty polymer solutions across industries.
As per disclosures, Shriram Polytech reported a turnover of ₹201.63 crore and net worth of ₹78.36 crore as of March 31, 2025, contributing 1.58% to the company's turnover and 1.13% to its net worth.
The agreement is expected to be executed on April 16, 2026, with completion targeted by April 23, 2026.
The company clarified that the transaction is not a related party transaction.