UltraTech divests entire equity in Chinese cement maker for $120 mn

01 Aug 2020

UltraTech Cement has announced that it will divest its entire 92.5 per cent stake in China's Shandong Binani Rongan Cement Co. "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 equity shareholding of 92.5 per cent in Shandong Binani Rongan Cement," the company said in a statement to the BSE. 

In terms of the agreement, Krishna will divest its entire shareholding at an enterprise value of RMB 845 mn +/- working capital adjustments on closing, equivalent of approximately $120 mn subject to customary closing conditions and regulatory approvals.

Contact: Rattnam Mehrotra, Head-Sales & Marketing, UltraTech Cement.  

Address: Ahura Centre, B Wing, 2nd Floor, Mahakali Caves Rd, Andheri East, Mumbai, Maharashtra 400093.

Tel: 022-669 17800.

Email ID: ultratech.care@adityabirla.com

Website: www.ultratechcement.com

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