India: HeidelbergCement India will sell its 0.6Mt/yr cement grinding unit in Raigad, Maharashtra, to JSW Ispat Steel, part of the JSW Group.
"The disposal is in line with HeidelbergCement's philosophy of divesting less strategic assets with lower margins to focus on more strategic and key operations in central India where the company had recently expanded its cement capacity from 2Mt/yr to 5Mt/yr," said Ashish Guha, chief executive and managing director of HeidelbergCement India, in a statement.
The parties are negotiating and finalising the terms of the business transfer agreement, HeidelbergCement India said in a regulatory filing. The transaction will be finalised only after obtaining all relevant approvals, including that of shareholders.
