Cement manufacturer India Cements on Monday told the exchanges that it has sold its entire stake in Springway Mining, which is building a cement plant in Madhya Pradesh, to JSW Cement Limited for a total consideration of ₹477 crore.
“This is to inform you that our company 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 ₹476.87 crore,” India Cements informed the stock exchanges.
The filing went on to add that SMPL would cease to be the wholly-owned subsidiary of India Cements. India Cements said SMPL had a net worth of ₹14.22 crore and that it had a nil turnover in the fiscal year 2021-22.
In December 2018, India Cements had said it had entered into a share purchase agreement to buy the entire stake of Springway for a consideration of ₹182 crore. In end-June this year, India Cements said it has completed acquiring the entire paid-up equity and preference shares of Springway.
According to regulatory filings, Springway owns land bearing limestone in Panna, Madhya Pradesh, and has drafted plans to set up a cement factory in the state’s Damoh district.
