India Cements, a maker of cement, said to the markets on Monday that it has sold JSW Cement Limited its whole investment in Springway Mining, which is developing a cement factory in Madhya Pradesh, for a total sum of Rs. 477 crore. India Cements informed the stock exchanges, “This is to inform you that our company has entered into a Share Purchase Agreement with JSW Cement Limited (buyer) on 10.10.2022 and divested the entire shareholdings held by it in Springway Mining Private Limited (SMPL), for a total consideration of Rs 476.87 crore. The petition went on to say that SMPL will stop being India Cements’ fully owned subsidiary.
According to India Cements, SMPL had a fiscal year 2021–2022 turnover of zero and a net value of Rs 14.22 crore. India Cements said in December 2018 that it has entered into a share purchase agreement to acquire Springway’s whole interest for a price of Rs 182 crore. India Cements announced at the end of June of this year that it had finished purchasing all of Springway’s fully paid-up equity and preference shares. In accordance with regulatory documents, Springway is the owner of limestone-bearing property in Panna, Madhya Pradesh, and has developed plans to build a cement production in the Damoh district of the same state