JK Cement has received in principle approval to sign/execute a share purchase agreement with the shareholders and also with Toshali Cements (Toshali) for acquisition of 100% Equity Shareholding from all the existing shareholders of Toshali.
The Share Purchase Agreement would become effective subject to fulfilling/achieving Conditions Precedents (CPs) as per the said Share Purchase Agreement. The Board of Directors of the Company has empowered the Committee of Directors to do the needful once the conditions precedent are achieved. Upon making of such investment, Toshali will become a subsidiary of the Company. The acquisition will help the company expand its footprint into the Eastern Region.
JK Cement is one of the largest cement manufacturers in north India. It is also second largest producer of white cement in India. The company exports white cement to countries like South Africa, Nigeria, Singapore, Bahrain, Bangladesh, Sri Lanka, Tanzania, UAE and Nepal.
