Sagar Cements has completed the sale of the investment held in Joint Venture (JV) Vicat Sagar Cement thus formalizing it exist from the said JV. The company had earlier obtained approval from the shareholders through Postal Ballot for the sale of the investment held in Vicat Sagar Cement.
Sagar Cements and The Vicat Group had entered into this joint venture in June 2008, with the objective of setting up a 5.5 million tonne plant in Gulbarga, Karnataka. The first phase of this facility, capable of producing 2.75 million tonnes was completed in December 2012 with the commencement of production in January 2013. Sagar’s Contribution for first phase was Rs 86 crore for its 47% stake in the Joint Venture.
