Shree Cement enters into BTA for acquisition of 1.5 MTPA Cement Grinding Unit

Shree Cement has entered into a Business Transaction Agreement (BTA) with Jaiprakash Associates for acquisition of its 1.5 MTPA Cement Grinding Unit situated at Panipat, Haryana for a tentative consideration of around Rs 360 crore. The transaction is subject to necessary regulatory approvals.

The company had already received board of directors approval for the same at their meeting held on August 25, 2014.

Shree Cement (SCL), belonging to B G Bangur - H M Bangur faction of Bangur family of Kolkata, is engaged in manufacturing of cement and power generation. SCL’s eight cement plants in Rajasthan and one grinding unit in Uttrakhand have an aggregate capacity of 13.5 mn tonnes p.a.