Excel Bio Resources Limited agreed to acquire Environment & Biotech Division from Excel Industries Limited (BSE:500650) for INR 100 million on March 29, 2017. The agreement will be entered on March 31, 2017. The consideration will be finalized on completion date. Concurrently, Excel Industries Limited will make an equity investment of not exceeding INR 100 million in Excel Bio Resources Limited. For the financial year 2015-16, Environment & Biotech Division had a turnover of INR 135.58 million and net worth of INR 81.97 million. The transaction was approved by the Board of Directors of Excel Industries Limited on March 29, 2017 and is expected to complete on June 30, 2017. Excel Bio Resources Limited cancelled the acquisition of Environment & Biotech Division from Excel Industries Limited (BSE:500650) on March 29, 2018.