India Cements Ltd Divests Subsidiary to Mirai Sensing

In a strategic move, India Cements Ltd (ICL), under the umbrella of the Aditya Birla Group, plans to divest its subsidiary, Industrial Chemicals and Monomers, to Mirai Sensing for a transaction valued at Rs 97.68 crore. The decision has been sanctioned by the company's board, according to a regulatory filing.

Once the acquisition is complete, Industrial Chemicals and Monomers will no longer be an ICL subsidiary. The agreement with Mirai Sensing Pvt Ltd is in the final stages, and the deal is projected to conclude within six months from the signing date.

India Cements underwent a significant change in December last year, becoming a subsidiary of UltraTech Cement after UltraTech acquired the promoter's stake in the company, which is one of the prominent cement producers in the southern region of India.

(With inputs from agencies.)