Untitled Document
Excon, Excon 2011 Biggest Construction Equipment Trade fair India.
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www.epcworld.in
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Cement |
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| 10/03/2009 12:30:00 PM |
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Mumbai, Sep (EPC News): Grasim Industries will sell its business to UltraTech Cement Ltd, in a deal worth $2 billion, newspaper reported on Friday, without naming the company officials.
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UltraTech, 55% owned by Grasim, would buy the cement plants with an annual production capacity of 22 million tonnes in exchange for shares worth about $2 billion, the Economic Times said.
The two companies have a combined annual cement capacity of 42 million tonnes. Pragnya Ram, spokesman, declined to comment on
the newspaper report. In a statement on Thursday, Grasim said its board would meet on Saturday to consider restructuring its
business. Besides cement, which contributes the majority of its revenue, the company also makes textiles and chemicals.
The company may brief reporters today.
By Rahul Kamat |
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