The group has sold off its stake in the company to the European Ab Moeller, a world renowned logistics company, Credit Capital Ltd managing director Ashish Gupta Lazard told PTI here on Tuesday.

Lazard Credit Capital, the Indian arm of Lazard Houses, are the financial advisors to the Thapar Group in this divestment.

Gupta declined to divulge the financial transaction involved in the deal except to say that approval from the Foreign Investment Promotion Board has already been obtained.

After the divestment, Maersk India is expected to continue its operations in the country.

The decision to divest its shipping business is part of the Thapar Group's restructuring, where it has decided to exit from the non-core areas and concentrate on its core business of paper, food and chemicals, a statement from Lazard said.