Brazil-based multinational, Votorantim Cimentos, is looking to offload its majority stake in Indian cement production, Shree Digvijay Cement. According to the Economic Times, the sale is planned as part of a strategy to prioritise assets and reduce debt.
Votorantim owns 75% of Shree Digvijay Cement, which reported net profit of INR133.7 million in the financial year ending 31 March 2018, compared to a loss of INR18.5 million the previous financial year.
In response, Shree Digvijay Cement said it was “not aware of any plan [of Votorantim] to sell their stake in the company. This is a market rumour and based on speculation.”
“As a growing company, we do continuously scout for business opportunities,” the company continued. “As a responsible listed organisation, we have regularly informed the stock exchange of all events.”
Read the article online at: https://www.worldcement.com/indian-subcontinent/30042018/votorantim-may-be-planning-to-sell-indian-operation/