Shree Cement has received an approval to acquire 100% equity stake in Raipur Handling & Infrastructure (RHIPL) for an aggregate consideration of Rs 59 crore. The board of directors at its meeting held on April 28, 2018 has approved for the same.
RHIPL established in year 2004, owns and operates railway siding at Village Hathbandh, District Raipur, Chhattisgarh as Private Freight Terminal (PFT). The said railway siding is located near to company’s cement plant at Baloda Bazar, Chhattisgarh. The acquisition will help Shree Cement better manage its transportation of goods through rail.
Shree Cement is a rapidly growing Company focused on its core business of Cement & Power. Currently, its manufacturing operations are spread over North and Eastern India across six states.