The India Cements Ltd. on Monday completed the acquisition of Springway Mining Pvt. Ltd. (SMPL), making the firm ICL’s wholly owned subsidiary.
“We wish to inform you that our company has completed acquisition of the entire paid-up equity and preference share capital of SMPL, and SMPL has become a wholly owned subsidiary of our company with effect from June 27,” India Cements said in a filing. The entire equity and preference shares of SMPL were acquired at a total consideration of ₹182.89 crore. The acquisition was completed on Monday.
SMPL is involved mainly in mining and quarrying business, while India Cements is a leading manufacturer of cement in the country. SMPL is in the process of setting up of a cement plant in Madhya Pradesh.
SMPL has no business income. However, it had reported ‘other income’ of ₹10.76 lakh, ₹5.32 Lakh and ₹24,000 for FY19, FY20 and FY21 respectively.
ICL had announced the acquisition of SMPL during October 2018, with the objective of setting up a cement plant in Madhya Pradesh.
