Emami Group has entered into an agreement to sell its cement business to Nirma Group's Nuvoko Vistas Corporation Limited. The deal has been finalized for Rs 5,500 crore. Emami group gave this information in a statement issued on Thursday. The statement said that the promoters of the company wanted to reduce their group's debt burden. This decision has been taken keeping this in mind.
Emami Group has an 83 million tonne per annum cement business. Apart from Nuvaco Vistas, Aditya Birla Group's leading cement companies Ultratech, Lafarge and Star Cement were in the race. Emami Cement has an integrated plant and three grinding units. Its annual production capacity is around 83 lakh tonnes.
The company has a cement business in West Bengal, Odisha, Chhattisgarh and Bihar. Emami Group Director Manish Goenka said that the deal is an important step towards our group's goal of becoming debt-free. After this deal, we will get very close to the target. Experts say the Emami and Nuvoko deal will need approval from other regulators, including the Competition Commission of India. This process is expected to be completed in the next three-four months.
