The Springway Mining Private Limited which owns limestone-bearing land at Panna district, is in the process of setting up a cement plant at Damoh district in Madhya Pradesh.

“The company has entered into a Share Purchase Agreement on October 10, 2022, with JSW Cement Limited (Buyer) and divested the entire shareholdings held by it in SMPL, for a total consideration of ₹476.87 crore,” India Cements Ltd (ICL) said in a regulatory filing.

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Adding more, the SMPL has ceased to be a wholly-owned subsidiary of ICL. The deal is expected to be completed by the end of this year.

According to the statement, out of the total consideration of ₹476.87 crore, ICL received ₹373.87 crore on Monday from JSW Cement.

“Upon completion of certain conditions of the Share Purchase Agreement, the buyer will release the balance amount of ₹103 crore on or before December 31, 2022,” it added. For the FY 2021-22, the SMPL’s net worth stood at ₹14.22 crore.

JSW Cement, part of the diversified $22 billion JSW Group, has a current capacity of 17 million tonnes per annum (MTPA). It plans to have 25 MTPA production capacity by 2023 and is driving investments to achieve this goal. South-based ICL has a total capacity of 15.5 MTPA.

With PTI inputs.