India Cements has inked share purchase agreement to offload its entire stake in Springway Mining (SMPL) to JSW Cement for a total consideration of Rs 476.87 crore.
The company has received Rs 373.87 crore on October 10, 2022 and upon completion 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.
SMPL owns limestone-bearing land in the Panna district and is in the process of setting up a cement plant in the Damoh district in Madhya Pradesh. Consequently, SMPL has ceased to be a wholly-owned subsidiary of the company.
The India Cements is engaged in the manufacture of products that will enable the customer to build structures which are durable, cost effective and conducive for human life style.