Oricon Enterprises has agreed to sell its metal crown seals and roll-on pilfer proof closures business to Guala Closures for an enterprise value of Rs. 42.50 Cr.

This divested unit contributed Rs. 110.46 Cr, or 20.75% of Oricon's turnover, and Rs. 44.12 Cr (5.46%) to its net worth last fiscal year.

This strategic move aims to capitalize on the business and pursue new growth opportunities.

The sale is contingent on shareholder approval and is expected to finalize in approximately four months.