India Cements completes acquisition of SMPL

India Cements Ltd on Tuesday said it has completed the acquisition of the entire paid-up equity and preference share capital of Springway Mining Pvt Ltd (SMPL).

''SMPL has become a wholly-owned subsidiary of our company with effect from June 27, 2022,'' The India Cements Ltd said in a regulatory filing.

SMPL is in the process of setting up a cement plant in Madhya Pradesh. ''The entire equity and preference shares of SMPL are acquired at a total consideration of Rs 182.89 crore,'' the company said.