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UltraTech arm to sell entire stake in Chinese cement firm
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SME Times News Bureau | 07 Jul, 2020
Krishna Holdings, a subsidiary of UltraTech Nathdwara Cement, will sell
its entire 92.5 per cent stake in China's Shandong Binani Rongan Cement
for around $129 million.
UltraTech Nathdwara Cement is a subsidiary of the UltraTech Cement.
In
a regulatory filing on Tuesday, UltraTech said, "Krishna Holdings,
incorporated in Singapore and a subsidiary of the company's wholly-owned
subsidiary UltraTech Nathdwara Cement, has informed that it has entered
into a binding agreement for divesting its entire shareholding of 92.5
per cent in Shandong Binani Rongan Cement."
"Krishna Holdings
will divest its entire shareholding at an enterprise value of RMB 845
million +/- working capital adjustments on closing, equivalent to $120
million (approx), subject to customary closing conditions and regulatory
approvals in compliance with the local laws," it said.
Shandong
Binani Rongan Cement was set up in 2007 as a 70:30 joint venture between
India's Binani Cement and China's Rizhao Rongan Construction Materials
Co. In 2018, UltraTech acquired Binani Cement through the insolvency
route and the China-based joint venture became a part of UltraTech's
portfolio.
UltraTech's exit from the Chinese company comes at a
time when chorus for boycott of Chinese products and developing Indian
supply chain is growing amid the recent border tussle with the northern
neighbour in which 20 Indian soldiers were martyred.
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