India Cements is to bring the operations of subsidiaries Trinetra Cement Ltd and Trishul Concrete Products Ltd under its own banner following a majority vote by Trinetra Cement shareholders at a court-convened meeting last week. With the amalgamation of the companies, India Cements’ production capacity will increase to 15.8 million t of cement.
India Cements has eight integrated cement plants and two grinding plants, located in Tamil Nadu, Andhra Pradesh, Rajasthan and Maharashtra. It holds a 61.22% stake in Trinetra and an 88.4% share in Trishul through its wholly-owned subsidiaries.
The India Cements Ltd reported a net loss of Rs.11.68 crore for the quarter ended 31 December 2014, compared to a profit of Rs.42 lakh recorded in the same quarter a year earlier.
India Cements Ltd’s Board of Directors has approved a merger with Trinetra Cement Ltd and Trishul Concrete Products, both of which it holds a stake in through its subsidiaries.