India Cements Ltd’s Board of Directors has approved a merger with Trinetra Cement Ltd and Trishul Concrete Products. India Cements holds a 61.22% stake in Trinetra and an 88.4% share in Trishul through its wholly-owned subsidiaries.
Trinetra Cement operates a 1.5 million tpa cement plant in Rajasthan and a 20 MW captive power plant. In the quarter ending December 2013, the company reported a net loss of Rs.15.79 crore and sales of Rs.103.47, with the latter falling by 0.43% y/y.
Trishul Concrete Products comprises eight production plants in Chennai, Bangalore, Hyderabad and Coimbatore. It has a production capacity of 12.3 lakh m3 of ready-mix concrete.
In the final quarter of 2013, India Cements saw its net profit decline to Rs.0.42 crore compared to Rs.26.12 crore in the corresponding period in 2012. Sales contracted by 4.23% y/y to Rs.1036.54 crore.
Edited from various sources by Louise Fordham
Read the article online at: https://www.worldcement.com/asia-pacific-rim/27022014/india_cements_to_merge_with_trinetra_and_trishul_816/