Kolkata, Aug 22 (IANS) Birla Corporation Limited on Monday said it has completed acquisition of the entire cement business of Anil Ambani- controlled Reliance Infrastructure Limited (RIL) by acquiring 100 per cent equity shares of Reliance Cement Company Private Limited (RCCPL).
“We now wish to inform you that the company has acquired 100 percent equity shares of RCCPL from RIL. Consequent to the said acquisition of shares, RCCPL has become a wholly-owned material subsidiary of Birla Corporation Ltd,” the company said in a regulatory filing.
“Reliance plants add a lot of strategic value to the existing cement business of our company. We have got not only modern and efficient plants but also excellent opportunity of synergizing the business of our company and Reliance Cement to gain maximum advantage in the region we operate in and increase our share in the rapidly growing cement market.
“That apart, there is scope for further optimisation of the operation of Reliance Cement that would yield substantial benefit to the company,” said company’s Chairman Harsh V. Lodha.
In February this year, the flagship company of the M. P. Birla Group had signed a definitive Share Purchase Agreement with Reliance Infrastructure Limited for acquisition of its entire cement business for an enterprise value of Rs 4,800 crore.
During the company’s latest annual general meeting held in July, Lodha said that he was hopeful of completing the acquisition by September this year.