India Cements enters into share purchase agreement for acquiring Springway Mining

By: | Published: October 28, 2018 4:50 PM

Springway Mining is involved mainly in mining and quarrying business while India Cements is a leading cement manufacturer in the country.

India Cements enters into share purchase agreement for acquiring Springway Mining

India Cements Ltd said Sunday it has agreed to acquire Springway Mining at a total consideration of Rs 182.89 crore 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, at a total consideration of 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 21.03 crore during the first quarter of the 2018-19 fiscal on poor sales.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition