The board of directors of India Cements Ltd., a part of the Aditya Birla Group, at its meeting have approved the sale of multiple direct and step down subsidiaries.
It said the board has approved sale of the company’s entire equity investment in Coromandel Travels Limited (CTL), a subsidiary of the company, to Venbro Investments and Financial Services Private Ltd. for ₹3.98 lakh.
The board has also approved the sale of its entire equity investment in Raasi Cement Ltd. (RCL), an associate of the company.
The oard also noted that ICL Financial Services Limited (ICLFSL) and ICL Securities Limited (ICLSL), wholly-owned subsidiaries of the Company, have approved the sale of their entire equity investment in Raasi Cement Limited, an associate of the company, to Venbro Investments and Financial Services Private Ltd. for ₹10,000.
It also approved the sale of their entire equity investment in Coromandel Electric Company Limited (CECL) a subsidiary of the Company to Adam & Coal Resources Private Ltd. for ₹36.27 crore.
Further, Coromandel Sugars Ltd, an associate company in which CECL holds 49.99% of equity shares, would also cease to be an associate of the Company, India Cement said.
The board approved the sale of their entire equity investment in Unique Receivables Management Private Ltd, an associate of the Company to Venbro Investments and Financial Services Private Ltd for ₹2,500.
“The abovementioned subsidiaries are neither material subsidiaries of the Company nor are they listed in any stock exchanges,” the company said.
Published – March 18, 2025 09:12 pm IST
