New Delhi, Jan 4 (PTI) Facing "liquidity issues",diversified company SRS Ltd has discontinued the operations ofits jewellery business with immediate effect.
"The company has discontinued the operations of itsjewellery business with immediate effect due to liquiditycrunch in the company," SRS Ltd said in a regulatory filing.
SRS, which has presence across various sectors such asretail, hospitality, real estate, cinemas and jewellery, saidit does not have adequate funds to replenish/purchasejewellery stock.
Jewellery business contributed to 74.09 per cent of totalturnover of SRS Ltd in the previous fiscal. Revenue fromjewellery business in fiscal 2016-17 stood at Rs 680.77 crore.
Last year SRS Ltd had also initiated talks with multiplexoperators including INOX and private equity players to sellits cinema business.
It is yet to finalise sale of multiplex business though.
SRS Cinemas operates over 50 screens in over 15 cities inthe country. PTI SVKMR.
This is unedited, unformatted feed from the Press Trust of India wire.