ICL to recast noncore businesses

South-based cement major India Cements (ICL) is conducting a management programme to identify noncore businesses and decide on the course of action for these. Reports suggest that the company is working towards identifying non-core assets and restructuring operations. The company has footprint in securities broking, financial services, chemicals, and a few other non-core businesses like an infotech company. It may be recalled that N Srinivasan, Vice Chairman & MD of ICL stepped aside from the top post in the country's cricket board owing to a betting scandal involving his son-in-law. By October 2013, the firm may make announcements of businesses which it wants to stay invested or exit. Investors of the company feel that the firm is not focused on cement business and is focusing more on other businesses than cement.