SRS has sold its entire stake in Sharjah-based wholly owned subsidiary SRS Worldwide (FZC) to Vihaan Impex DMCC. It, however, did not disclose the financial details. The subsidiary has contributed Rs 385 crore, or 9.35 per cent to its consolidated turnover for 2015-16. SRS Worldwide’s net worth was Rs 28.02 crore, or 4.18 per cent of its consolidated net worth in 2015-16.
SRS Group, which has diversified interests in sectors including jewellery, commodities, retail, hospitality, financial services, real estate, education and healthcare, has seen a major slump in its core business.