Star Cement’s wholly owned subsidiary -- M/s Ri Pnar Cement (RPCPL) has entered into a share purchase agreement with the shareholders of M/s Nitesh Minerals (NMPL) for purchase of entire equity shares of NMPL. The cost of the said acquisition is Rs 17.19 crore.
Through this acquisition, the RPCPL aims to ensure uninterrupted supply of limestone for use in cement business as the NMPL has a mining lease. Besides, the acquisition will provide logistic benefits. Upon the aforesaid acquisition of shares, NMPL will become the subsidiary of RPCPL and a step-down subsidiary of the company.
Star Cement is engaged in the manufacturing and selling of Cement Clinker & Cement.
