[ad_1]
New Delhi: India Cements Ltd. on Monday said it has entered into an agreement to sell its entire stake in Springway Mining To Private Limited (SMPL) JSW Cement 476.87 crore for a total consideration of Rs. SMPL has limestone land in Panna district and is in the process of setting up a cement plant in Damoh district of Madhya Pradesh.
India Cements Limited (ICL) has entered into “a share purchase agreement with JSW Cement Limited (buyer) on October 10, 2022 and has sold the entire stake held by it in SMPL for Rs 476.87 crore.” said in a regulatory filing.
Consequently, SMPL has ceased to be a wholly owned subsidiary of ICL.
The deal is expected to be completed by the end of this year.
Out of the total Rs 476.87 crore, ICL got Rs 373.87 crore from JSW Cement on Monday.
On fulfillment of certain conditions of the share purchase agreement, the buyer will release the balance amount of Rs 103 crore on or before December 31, 2022.
For FY22, SMPL’s total assets stood at Rs 14.22 crore.
JSW Cement, part of a USD 22 billion diversification JSW Group, has a current capacity of 17 million tonnes per annum (MTPA). It plans to have 25 MTPA of production capacity by 2023 and is increasing investments to achieve this target.
South-based ICL has a total capacity of 15.5 MTPA.
[ad_2]
Source link