India Cements divest stake in Springway Mining for Rs 477 crore

11 Oct 2022 , 11:50 AM

Springway Mining owns limestone bearing land at Pawai Tehsil, Panna District and is in the process of setting up of a Cement Plant at Gaisabad Tehsil, Damoh District in Madhya Pradesh. It had a net worth Rs 14.22 crore as on 31 March 2022. The company has received an amount of Rs 373.87 crore for the said stake sale. The balance amount of Rs 103 crore will be released by the buyer upon completion of certain conditions of the share purchase agreement. India Cements (ICL) is one of the leading cement manufacturers in South India with an established presence in all five states in the region. The company has capacity spread across 10 different manufacturing units (including two split grinding units) in Tamil Nadu, Andhra Pradesh, Telangana, Maharashtra and Rajasthan. Cement manufactured by ICL is marketed under the brands — Coromandel, Sankar and Raasi. The companys consolidated net profit increased by 85.78% to Rs 79.98 crore on a 44.88% rise in sales to Rs 1514.35 crore in Q1 FY23 over Q1 FY22. The scrip slumped 5.27% to currently trade at Rs 260.50 on the BSE. Powered by Capital Market – Live News