Chennai, Oct 10,2022:  India Cements Ltd on Monday said it has sold its subsidiary Springway Mining Private Ltd (SMPL) owning limestone land for Rs.476.87 crore to JSW Cement Ltd.

Springway Mining was in the process of setting up a cement mill in Madhya Pradesh.

According to India Cements, out of the total consideration, a sum of Rs 373.87 crore has been received on Monday.

The balance Rs 103 crore will be received on completion of certain conditions of the Share Purchase Agreement, on or before December 31, 2022.

In June this year, India Cements had said it has acquired the entire paid-up equity and preference share capital of Springway Mining Private Ltd for Rs 182.89 crore. As a result, the company became its wholly-owned subsidiary.