Nirma Group to buy Emami Cement for Rs 5,500 crore

Kolkata, February 6

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Emami Group today said it has entered into a binding agreement with Nuvoco Vistas Corporation Limited, a part of Nirma Group, to sell 100% equity in Emami Cement Limited at an enterprise valuation of Rs 5,500 crore.

The promoters of the city-headquartered company have been seeking to pare group-level debt and had initially sought much higher valuation.

Aditya Birla flagship UltraTech, Nuvoco Vistas (formerly Nirma Cement), a LafargeHolcim company and Star Cement were in the race for taking over the 8-million tonne capacity cement business of Emami Group.

Emami Cement operates one integrated plant and three grinding units with a total capacity of around 8.3 million tonnes per annum.

Emami Cement has operation in West Bengal, Odhisa, Chhattisgarh and Bihar. — PTI