M P Birla Group’s flagship company, Birla Corporation on Monday said it has completed the acquisition of the cement business of Anil Ambani-owned Reliance Infrastructure Ltd (RIL) in a stake sell agreement it concluded with RIL in February, this year.
In a regulatory filing with the Bombay Stock Exchange, Birla Corporation (Birla Corp) said that it has acquired 100% equity shares of Reliance Cement Company Private Ltd (RCCPL) which has made the latter a wholly owned subsidiary of Birla Corporation. The stake sell was subject to the nod from the Competition Commission of India. The Kolkata-based diversified company, having interests in cement and jute business, had signed a deal with RIL whereby it took over cement production unit of RIL for Rs 4,800 crore at a valuation of $140 a tonne. RCCPL has three cement units — an integrated cement plant at Maihar (Madhya Pradesh) and grinding units at Kundanganj (Uttar Pradesh) and Butiburi (Maharashtra), with an aggregated capacity of 5.58 mtpa (million tonnes per annum) of cement and 3.30 mtpa of clinker.