Categories: Business

Ultratech cement says arm to sell 92% holding in China cement company

Photo: PTI

Ultratech cement

new Delhi. Krishna Holdings, a subsidiary of UltraTech Nathdwara Cement, will sell its entire 92.5 percent stake in Shandong Shantong Binani Rongan Cement for about $ 1290 million. Ultratech Nathdwara Cement is an associate unit of Ultratech Cement.

UltraTech reported on Tuesday that Krishna Holdings, an associate unit of UltraTech Nathdwara, a wholly owned subsidiary of the company, has informed that it has entered into an agreement to sell its entire 92.5 percent stake in Shandong Binani Rongan Cement. "
According to the company, Krishna Holdings will sell its entire stake at 845 million RMB enterprise value, equivalent to $ 120 million, and will be subject to customary closing clauses and regulatory approvals consistent with local law. "Shandong Binani Rongan Cement was established in India in 2007. Was formed as a 70:30 joint venture between Binani Cement and China's Rizhao Rongan Construction Materials. In 2018, Ultratech acquired Binani Cement through an insolvency route and a China-based joint venture UltraTech's portfolio Became a part.
Ultratech is separating from the Chinese company at a time when the boycott of Chinese products and the demand to develop a supply chain of Indian products since the martyrdom of 20 Indian soldiers in a conflict with Chinese troops on LAC in the Galvan Valley of eastern Ladakh. Is getting faster

This post was published on July 8, 2020 3:46 am

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