HeidelbergCement India Ltd. said its board had approved the sale of its cement grinding facility in Raigad, Maharashtra, to JSW Group, as a going concern on slump sale basis.
The company had been exploring possible ways of improving margins of this grinding unit including the possibility to scale up operations but the same was not feasible due to infrastructural bottlenecks. The company has, therefore ,decided to divest its interest in the unit.
The parties are currently negotiating and finalizing the terms of the Business Transfer Agreement. The transaction will be finalized only after obtaining all relevant approvals including that of shareholders.
At the BSE, HeidelbergCement India shares are currently trading at Rs.46.50, up 2.20 percent from the previous close.
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