Trinetra Cement shareholders approve merger with India Cements

India Cements will get the benefit of profitability of Trinetra and improve its own performance

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Shareholders of Trinetra Cement Ltd have given their consent to the scheme of amalgamation and arrangement between the company and Trishul Concrete Products Ltd with India Cements.

According to a company filing with the regulator, the proposal was passed with requisite majority.

The total number of shares in the company is 44,75,600. A total of 27,40,262 votes were polled and all the votes ppolled were in favour of the Scheme of Arrangement.

It may be noted that in May, 2014, India Cements said that as part of restructuring, the company is planning to merge its subsidiary Trinetra Cement Ltd, and to sell lands near to its plants in Tamil Nadu and Andhra Pradesh.

N Srinivasan, vice chairman and managing director, India Cements, said that the company wants to consolidate cement operations and the merger of Trinetra Cement Ltd and Trishul Concrete Products with India Cements will bring operations under one company.

"We will get the benefit of profitability of Trinetra and improve the performance of India Cements," he said, adding that post the merger total capacity of India Cements will go 15.8 million tonnes.

From a two plant company having a capacity of just 1.3 million tonnes in 1989, in the last two decades India Cements' total capacity increased to 15.5 million tonnes per annum. It has seven integrated cement plants in Tamil Nadu and Andhra Pradesh, one in Rajasthan (through its subsidiary, Trinetra Cement Ltd) and two grinding units, one each in Tamil Nadu and Maharashtra, it was reported.