India Cements announces sale of equity stake in Indonesian associate company
The India Cements Limited, a subsidiary of UltraTech Cement Limited, announced on July 3, 2025, that its wholly owned subsidiary PT Adcoal Energindo, Indonesia, has entered into a Share Sale and Purchase Agreement to sell its entire equity investment in its Indonesian associate PT Mitra Setia Tanah Bumbu.
Upon completion of the transaction, PT Mitra Setia Tanah Bumbu will cease to be an associate of India Cements. The agreement was signed on July 3, 2025, and the sale is expected to be completed within six months.
According to the company's disclosure to stock exchanges: The proposed sale consideration is Indonesian Rupiah 2,695,000,000 .
Buyers of the stake are Mr. Finsa Noorcahyo F and Mr. Hari Sutikno , both Indonesian citizens. The buyers are not part of the promoter group or related parties.
The associate contributed a turnover of ₹93.23 crore in the last financial year, with a net worth of ₹80.74 crore, accounting for about 1.46% of India Cements' net worth as of December 31, 2024.
India Cements clarified that the transaction does not constitute a related party transaction and does not fall within a scheme of arrangement or slump sale.
The company requested stock exchanges to take the disclosure on record, reiterating its commitment to compliance and transparent disclosures.
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Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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