Kolkata, Feb 6 (IANS) The Emami Group on Thursday announced it has entered into a binding agreement with Nuvoco Vistas Corporation Limited – Nuvoco, part of Nirma Group – for the divestment of its 100 per cent equity stake in Emami Cement Limited for an enterprise value of Rs 5,500 crores.

Emami Cement operates one integrated cement plant and three grinding units with a total cement grinding capacity of around 8.3 million tonnes per annum.

It is one of the fastest growing companies in the cement sector and has established its presence with a strong network in a very short span of time.

“This transaction is an important step in our Group’s stated objective of becoming debt-free and with this transaction we will substantially achieve this objective,” said Manish Goenka, Director, Emami Group.

The transaction is subject to the customary approvals including from the Competition Commission and is expected to be consummated in next 3-4 months, the company said in a statement.

Shardul Amarchand Mangaldas acted as the legal advisor, Deloitte Touche Tohamatsu India LLP was the financial diligence advisor and Arpwood Capital the financial advisor.

–IANS

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