CHENNAI: India Cements Ltd on Tuesday said it has acquired the entire paid-up equity and preference share capital of Springway Mining Private Ltd for Rs 182.89 crore. This paves the way for the cement major to set up a plant in Madhya Pradesh, that it had on the drawing board since 2018.
In a regulatory filing, India Cements said the acquisition of the shares were completed on June 27, and Springway Mining is now a wholly-owned subsidiary.
A dominant player in the southern markets, India Cements acquired Springway Mining to have a cement plant in Madhya Pradesh.
Springway Mining has been in the process of setting up the cement plant in the state. India Cements had, in 2018, signed the share purchase agreement to acquire the shares in a phased manner.