India Cements has announced the sale of its entire equity holding in Industrial Chemicals and Monomers Ltd (ICML) to Mirai Sensing Private Ltd for a consideration of Rs 980 million. The transaction was disclosed through a regulatory filing with the Bombay Stock Exchange.

Following the completion of this sale, ICML will cease to be a subsidiary of India Cements, the filing confirmed.

ICML, registered in Tirunelveli, Tamil Nadu, had earlier suspended operations. According to the company’s annual report for 2024, the business had become unviable due to reasons previously disclosed. The report further mentions that the company is now exploring various options for its revival.

The divestment marks India Cements’ strategic exit from a non-core, loss-making venture as it continues to streamline its operations and focus on more profitable segments.