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Chennai, Oct 10 (IANS) India Cements (NS:) Ltd on Monday mentioned it has offered its subsidiary Springway Mining Personal Ltd (SMPL) proudly owning limestone land for Rs.476.87 crore to JSW Cement Ltd.
Springway Mining was within the strategy of establishing a cement mill in Madhya Pradesh.
In keeping with India Cements, out of the overall consideration, a sum of Rs 373.87 crore has been obtained on Monday.
The steadiness Rs 103 crore will probably be obtained on completion of sure situations of the Share Buy Settlement, on or earlier than December 31, 2022.
In June this yr, India Cements had mentioned it has acquired your complete paid-up fairness and desire share capital of Springway Mining Personal Ltd for Rs 182.89 crore. In consequence, the corporate turned its wholly-owned subsidiary.
–IANS
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