Sinar Mas to sell Indian unit

Sinar Mas to sell Indian unit

NEW DELHI (Dow Jones): Indonesia's Sinar Mas group, a leading paper company, is looking to partly or wholly divest its stake in its 100 percent owned Indian unit, Sinar Mas Pulp and Paper (India) Ltd., reports the Business Standard Tuesday.

The Indonesian company is negotiating with India's Thapar group as well as two other international players, who are all carrying out a comprehensive study of Sinar Mas India's books to evaluate its worth.

The Indonesian company is facing a worldwide financial crunch, which has prompted its decision to sell its stake, the report added.