India Cements to sell its subsidiary Industrial Chemicals
India Cements Ltd will sell its subsidiary, Industrial Chemicals and Monomers, to Mirai Sensing for Rs 97.68 crore. Following UltraTech Cement's acquisition of ICL in December 2024, this move marks further restructuring, with the sale expected to conclude in six months
New Delhi: India Cements Ltd (ICL), owned by the Aditya Birla group, on Saturday said it will sell its subsidiary Industrial Chemicals and Monomers to Mirai Sensing.
The board of the company has approved the sale with a consideration of Rs 97.68 crore, ICL said in a regulatory filing. “Upon completion of the said sale, ICML would cease to be a subsidiary,” ICL said.
The company shall enter into an agreement with Mirai Sensing Pvt Ltd, the proposed buyer, upon finalisation of terms, it said. It expects the sale to be completed within six months from the date of the agreement.
UltraTech, the country’s leading cement maker, in December last year acquired the promoter’s stake in the south-based cement maker. Consequently, ICL had become a subsidiary of UltraTech Cement with effect from December 24, 2024.
