India cements sells Springway Mining stake to JSW cement

Cement manufacturer India Cements on Monday told the exchanges that it has sold its entire stake in Springway Mining, which is building a cement plant in Madhya Pradesh, to JSW Cement Limited for a total consideration of ₹477 crore.

"This is to inform you that our company has entered into a share purchase agreement on 10.10.2022 with JSW Cement Limited (buyer) and divested the entire shareholdings held by it in Springway Mining Private Limited (SMPL), for a total consideration of ₹476.87 crore," India Cements informed the stock exchanges.

The filing went on to add that SMPL would cease to be the wholly-owned subsidiary of India Cements. India Cements said SMPL had a net worth of ₹14.22 crore and that it had a nil turnover in the fiscal year 2021-22.

In December 2018, India Cements had said it had entered into a share purchase agreement to buy the entire stake of Springway for a consideration of ₹182 crore. In end-June this year, India Cements said it has completed acquiring the entire paid-up equity and preference shares of Springway.

According to regulatory filings, Springway owns land bearing limestone in Panna, Madhya Pradesh, and has drafted plans to set up a cement factory in the state's Damoh district.