Star Cement Limited completed the acquisition of 49% stake in Meghalaya Power Limited from Shyam Century Ferrous Limited and other shareholders.
March 24, 2021
Share
Star Cement Limited (BSE:540575) agreed to acquire remaining 49% stake in Meghalaya Power Limited from Shyam Century Ferrous Limited (NSEI:SHYAMCENT) and other shareholders for INR 450 million on November 11, 2020. Under the terms, Star Cement will acquire 48.8% stake from Shyam Century and remaining 0.20% stake from other shareholders. For the year ended March 31, 2020, Meghalaya Power generated revenue of INR 1.2 billion. As of November 11, 2020, Board of Directors of Star Cement unanimously approved the transaction.
Star Cement Limited (BSE:540575) compleated the acquisition of 49% stake in Meghalaya Power Limited from Shyam Century Ferrous Limited (NSEI:SHYAMCENT) and other shareholders on March 25, 2021. As per the transaction, Star Cement Limited acquired remaining 8.4 million shares of Meghalaya Power Limited.
Star Cement Limited is an India-based cement company in North-Eastern India. The Company is engaged in the manufacture of cement, cement clinker, and generation of pawer. It operates through segments: Cement and Power. The Company has its 1.67 million tons per annum (MTPA) integrated cement plant in the idyllic town of Lumshnong in Meghalaya. Its product range for construction includes Ordinary Portland Cement (OPC 43-Grade) and (OPC 53-Grade) and Portland Pozzolana Cement (PPC), Portland Slag Cement (PSC) and a marque product in the value-added segment Anti Rust Cement (ARC). In addition, the Company has two grinding units, a two MTPA cement unit in Sonapur near Guwahati and another cement unit at Mohitnagar near Siliguri in West Bengal, with a capacity of two million tons per annum (MTPA), with an installed capacity of around 5.7 MTPA. The Company is selling its product across northeastern and eastern states of India.