Rallis India Ltd, a Tata group company, will sell its gelatine business to Sterling Biotech Ltd for Rs 47 crore (Rs 470 million) in an all cash deal.
Rallis India and SBL on Thursday entered into a memorandum of understanding for the sale and transfer of the former's gelatine business, the company informed the National Stock Exchange.
The sale of business is subject to due diligence and approvals required under the applicable laws, it said.