KK Birla Group flagship company Sutlej Textiles & Industries has received the approval from its Board of Directors to acquire Birla Textile Mills, located at Baddi in Himachal Pradesh.

Birla Textile Mills is a unit of Chambal Fertilisers & Chemicals.

"The Board of Directors of the company has approved the purchase of Birla Textile Mills, located at Baddi in Himachal Pradesh, as a going concern from Chambal Fertilisers & Chemicals, on slump sale basis," Sutlej Textile & Industries said in a BSE filing.

According to the filing, the Board of Directors took this decision at their meeting held on March 14 and the transaction is subject to requisite approvals.

"The parties are currently negotiating and finalising the terms of the Business Purchase and Transfer Agreement and other related transaction documents, and shall sign these documents as soon as there is consensus," it added.