 "Emami to sell cement business to Nirma group arm for Rs 5,500 crore")
Kolkata-based diversified conglomerate Emami Group announced on Thursday that it had entered into a binding agreement with Nuvoco Vistas Corp, part of the Nirma group, for divesting its 100 per cent equity stake in Emami Cement for an enterprise value of Rs 5,500 crore.
Emami Cement has a debt of Rs 2,000-2,200 crore and loans against shares of Rs 1,000 crore. The net gain for Emami from the deal, therefore, will be around Rs 2,500 crore.
The move is part of Emami’s efforts to reduce debt at the group level. A clutch of companies — Shree Cement, Dalmia Bharat Cement,
