Shree Cement has received an approval to acquire 1.50 MTPA cement grinding unit of Jaiprakash Associates situated at Panipat in the state of Haryana ongoing concern basis for consideration of approximately Rs 360 crore. The board of directors at its meeting held on August 25, 2014 has approved for the same.
The above is however subject to adjustment for any financial indebtedness and net working capital taken over as of the closing date and subject to satisfactory completion of due diligence and obtaining necessary approvals and consents.
Shree Cement (SCL), belonging to B G Bangur - H M Bangur faction of Bangur family of Kolkata, is engaged in manufacturing of cement and power generation. SCL’s eight cement plants in Rajasthan and one grinding unit in Uttrakhand have an aggregate capacity of 13.5 mn tonnes p.a.