Deal: Emami Group to sell its Cement business to Nuvoco Vistas for Rs.5500 crore
- The amount received from the deal will be used to repay the loan.
- An integrated plant of Emami Cement and three grinding units.
KOLKATA: Emami Group will sell its cement business to Nuvoko Vistas Corporation Limited (Nirma Cement) for Rs 5,500 crore. Emami Group gave this information on Thursday. The promoters of the group are selling the company to reduce debt. Besides Nuvoko Vistas, the cement companies of Aditya Birla Group UltraTech and Star Cement were also in the race to buy Emami Cement.
The annual production capacity of Emami Cement is 83 lakh tons
Emami Cement has an integrated plant and three grinding units. The company has operations in West Bengal, Odisha, Chhattisgarh and Bihar. The annual production capacity is 83 lakh tons.
Deal expected to be completed in 3-4 months
The deal by Emami and Nuvoko will require other regulatory approvals, including the Competition Commission of India. The deal process is expected to be completed in the next 3-4 months.
