ICL SELLS RAASI CERAMICS TO HIND SANITARYWARE
Article Abstract:
India Cements Limited (ICL) has sold Raasi Cements' tile making division, Raasi Ceramics (RC) to Hindustan Sanitaryware and Industries Ltd (HSIL). HSIL has paid Rs18 crore for the acquisition. Raasi Cements and HSIL boards have cleared the deal. RC has a facility at Hyderabad with a capacity of 500,000 tiles per annum. HSIL has a capacity of 2,400,000 pieces per annum. Its market share is expected to increase to 41 percent from 33 percent as it has become the largest tile maker in south India. It plans to invest Rs15 crore to raise the capacity of RC to 1,000,000 tiles per annum. HSIL plans to invest Rs25 crore to increase the capacities of its facility at Andhra Pradesh and Bahadurgarh in Haryana. (rk)(m)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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ICL ACQUIRES 5.58 PER CENT FURTHER STAKE IN RAASI
Article Abstract:
India Cements Ltd (ICL) has increased its stake further by 5.58 percent in Raasi Cement Ltd (RCL) after acquiring a controlling stake in April 1998. ICL acquired 909,550 shares from RCL's transport contractor Vrajlal P Babaria at a cost of Rs275 per share. With this acquisition, the total holding of ICL in RCL has gone up to 58.87 percent. Earlier, ICL had a stake of just 9.75 percent in RCL, but later it acquired 8.28 percent from RCL's former vice chairman, 2.23 percent from APIDC, 1.14 percent from a broking firm of Chennai and 32 percent from the executive chairman of RCL, Dr BV Raju. (gsh)
Comment:
Increases its stake further by 5.58% in Raasi Cement, giving firm a total of 58.87% stake in the latter
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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CEMENT UNIT OF RAASI VESTED WITH ICL
Article Abstract:
The board of directors of India Cements Ltd (ICL) and Raasi Cement Ltd (RCL) have approved a scheme of arrangement in separate meetings. According to the arrangement, the cement division of RCL will be vested with ICL. ICL will be paying Rs300 per share of RCL as consideration to the RCL shareholders subject to the approval of financial institutions, banks and Andhra Pradesh High Court. The capital of RCL will come down with the distribution of the assets of the cement division. (um)(psr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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