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India Cements Ltd acquired SMPL

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India Cements Ltd acquired SMPL

The company informed “The entire equity and preference shares of SMPL are acquired at a total consideration of Rs. 182.89 crore,”

NEW DELHI:On Tuesday, India Cements Ltd informed that the company has completed the acquisition of the entire capital of Springway Mining Pvt Ltd (SMPL).

The India Cements Ltd shared in a regulatory filing, “We would like to inform you that our company has completed the acquisition of entire paid-up equity and preference share capital of SMPL and SMPL will become a wholly-owned subsidiary of our company with effect from June 27.”

Springway Mining Pvt Ltd (SMPL) is in the process of setting up a cement plant in Madhya Pradesh.

Springway Mining Pvt Ltd (SMPL) is primarily involved in the mining and quarrying business, while India Cement is the leading manufacturer of cement in the country.

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