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Stock Report
The India Cements Ltd divests its stake in mining company for Rs. 476.87 crores
Posted On : 2022-10-10 21:38:35( TIMEZONE : IST )
The India Cements Ltd has entered into a Share Purchase Agreement on 10.10.2022 with JSW Cement Limited (Buyer) and divested the entire shareholdings held by it in Springway Mining Private Limited (SMPL), for a total consideration of Rs.476.87 crores and consequently, SMPL ceased to be the wholly owned subsidiary of our Company.
SMPL owns limestone bearing land at Pawai Tehsil, Panna District and is in the process of setting up of a Cement Plant at Gaisabad Tehsil, Damoh District in Madhya Pradesh.
