Reliance Cement becomes subsidiary of Birla Corporation Limited
Posted on:24 Aug 2016 18:15:39
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24 August 2016 Current Affairs: Reliance Infrastructure Ltd (RInfra) has announced that it completed 100 percent sale of Reliance Cement Company Private Limited (RCCPL) to Birla Corporation Limited on 22 August 2016.
While RInfra is an entity of the Anil Ambani-headed Reliance Anil Dhirubhai Ambani Group (Reliance ADAG), Birla Corp is the flagship Company of the M P Birla Group.
The transaction was in tune with the Share Purchase Agreement (SPA) that was signed between the two entities in February 2016.
It was valued at 4800 crore rupees or 140 US dollars per tonne and the proceeds will utilised by RInfra towards debt reduction.Under the SPA, the Birla Corp acquired an integrated cement capacity of 5.08 Metric tonnes per annum (Mtpa) at Maihar, Madhya Pradesh and Kundanganj, Uttar Pradesh.
Besides, it also involves acquisition of grinding unit of 0.5 Mtpa capacity located at Butibori, Maharashtra.
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