 "India Cements to buy Springway Mining for Rs 1.82 bn to set up a MP plant")
India Cements Ltd on said Sunday it has agreed to acquire Springway Mining for a total consideration of Rs 1.82 billion to set up a cement plant in Madhya Pradesh.
"Our company has entered into a share purchase agreement on October 28 for acquiring the entire shareholding of Springway Mining Pvt Ltd, in a phased manner, for a total consideration of Rs 1.82 billion (Rs 182.89 crore) with an objective of setting up of a cement plant in Madhya Pradesh," the company said in a BSE filing.
Springway Mining is involved mainly in mining and quarrying business while India Cements is a leading cement manufacturer in the country.
India Cements has reported a 20.46 per cent drop in its standalone net profit at Rs 210.3 million during the first quarter of the 2018-19 fiscal on poor sales.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app