India Cements has received an approval for demerger of Chennai Super Kings (CSK) - BCCI-IPL Franchise 20/20 Cricket Tournament Team into a wholly-owned subsidiary (WOS) of the company, by transferring its net assets at cost. The board of directors at their meeting held on September 26, 2014 has approved for the same.
The effective date of transfer will be January 01, 2015. The proposal is however subject to appropriate approvals.
India Cements is largest manufacturer of cement in South India. India Cements owns 28% of the market share and is leader in south India. The cement manufacturer aims 35% market share. It has distribution network of 10,000 stockists.