India Cements enters into share purchase agreement for acquiring Springway Mining

New Delhi: India Cements Ltd said Sunday it has agreed to acquire Springway Mining at a total consideration of Rs 182.89 crore to set up a cement plant in Madhya Pradesh.

"Our company has entered into a share purchase agreement on October 28 for acquiring the entire shareholding of Springway Mining Pvt Ltd, in a phased manner, at a total consideration of Rs 182.89 crore with an objective of setting up of a cement plant in Madhya Pradesh," the company said in a BSE filing.

Springway Mining is involved mainly in mining and quarrying business while India Cements is a leading cement manufacturer in the country.

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India Cements has reported a 20.46 per cent drop in its standalone net profit at Rs 21.03 crore during the first quarter of the 2018-19 fiscal on poor sales.