You are here: Home » Companies » News
Business Standard

India Cements may sell stake in Jagati Publications

T E Narasimhan  |  Chennai 

The India Cements Ltd said it might sell its stake in Jagati Publications, owned by Y Jagan Mohan Reddy. The company had already sold its stake in Bharati Cements, also owned by the Jagan Mohan-promoted company, and made a profit of about Rs 35 crore.

N Srinivasan, vice-chairman, while addressing shareholders here on Monday, said, “We made a profit by selling our stake in Bharati Cements. In due course, we will also sell our stake in Jagati Publications.”

The company sold its nine per cent in Bharati Cements in 2010.

“It was not that we were interested in publication business, but only on the cement business, but they offered all three as bouquet. Overall, the company invested about Rs 130-135 crore,” a senior company official said.

India Cements had invested about Rs 40 crore in the publication company. The official said the company has a minor stake in the publication house, which owns Sakshi TV and Sakshi newspaper.

In the Competition Commission of India (CCI)’s penalty on India Cements, Srinivasan said, “We do not agree with the penalty and neither did we indulge in any activity which was mentioned in the order.”

It is just an order, it is not a final judgment on the issue, which would not sustain, added Srinivasan.

India Cements is one of the 11 cement which were penalised to the tune of about Rs 6,300 crore by CCI over alleged cartelisation.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, August 14 2012. 00:50 IST
RECOMMENDED FOR YOU
.