The India Cements Ltd. has divested the entire shareholding held by it in Springway Mining Pvt. Ltd. (SMPL), for a total consideration of ₹476.87 crore.
On Monday, the cement firm entered into a share purchase agreement with JSW Cement Ltd. and was paid ₹373.87 crore. Balance of ₹103 crore will be paid by December, ICL said in a regulatory filing.
Following the divestment, SMPL ceased to be the wholly owned subsidiary of ICL.
SMPL owns limestone-bearing land at Panna District and was in the process of setting up of a 3-million tonne integrated cement plant at Gaisabad Tehsil, Damoh district in Madhya Pradesh.
Environmental clearance for Pawai mines had been obtained. The process of obtaining environmental clearance for setting up the plant was in progress, ICL had said in its latest annual report.