India Cements to buy Springway Mining for Rs 1.82 bn to set up a MP plant

India Cements Ltd on said Sunday it has agreed to acquire Springway Mining for a total consideration of Rs 1.82 billion 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, for a total consideration of Rs 1.82 billion (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.

India Cements has reported a 20.46 per cent drop in its standalone net profit at Rs 210.3 million during the first quarter of the 2018-19 fiscal on poor sales.