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Promoters of Anjani Portland Cement Ltd today resigned from the key positions of the company paving way to the family members of Chennai-based Chettinad Cement, which acquired Anjani Portland.
According to company's announcement to BSE K V Vishnu Raju as Managing Director of the Company and re-designation as Non-Executive Director of the Company and GeethaMuthiah, wife of Chettinad Cement's MD MAMR Muthaiah, was appointed as the new Managing Director of the Company.
P V R L N Raju resigned as the Executive Director of the Company and re-designation, as Non- Executive Director of the Company.
In March this year, Chettinad Cement announced the acquisition of Anjani Portland for a total consideration of upto Rs 100 crore. This includes around Rs 70 crore to acquire promoters stake of 61.62% and another Rs 29.52 crore to acquire public shareholders share.
The company has an integrated cement plant at Nalgonda, Andhra Pradesh with a capacity of 1.2 million tonnes per annum and limestone reserves, with sales network in Andhra Pradesh and Odisha. Anjani Portland Cements currently has total debt of Rs 222 crore on its books, according to reports.
Chettinad Cement has three integrated plants in Tamil Nadu and planning to set up one more cement plant at Kallur, Karnataka. It has an annual cement capacity of over 11.5 million tonnes in Tamil Nadu alone and plans to add about 15 mt by 2015.
