India Cements completes acquisition of SMPL

Mumbai: Chennai-based India Cements Ltd has completed acquisition of the whole of paid-up equity and preference share capital of Springway Mining Pvt Ltd (SMPL).

"SMPL has become a wholly-owned subsidiary of our company with effect from June 27, 2022," India Cements said in a filing to the stock exchanges.

"The entire equity and preference shares of SMPL are acquired at a total consideration of Rs 182.89 crore," the company said.

SMPL is in the middle of establishing a cement factory in Madhya Pradesh.