HomeBricks & MortarJK Lakshmi Cement Receives Go-Ahead from BSE and NSE for Amalgamation Plan

JK Lakshmi Cement Receives Go-Ahead from BSE and NSE for Amalgamation Plan

JK Lakshmi Cement Receives Go-Ahead from BSE and NSE for Amalgamation Plan

JK Lakshmi Cement has received approval from leading stock exchanges, the NSE and BSE, for its plan to merge three of its subsidiaries into the company. The amalgamation involves Udaipur Cement Works, Hansdeep Industries and Trading, and Hidrive Developers and Industries, with the goal of simplifying the company’s structure and creating a more commercially meaningful entity focused on cement and cement products.

As per the filing made with BSE on 1 January 2025, the exchanges issued their Observation Letters, confirming that there were no adverse observations or objections regarding the proposed scheme. This approval follows the approval of the merger by JK Lakshmi Cement’s board on 31 July 2024. As part of the merger terms, shareholders of Udaipur Cement Works Ltd (UCWL) will receive four shares of JK Lakshmi Cement for every 100 shares they hold in the company. The merger is expected to streamline operations and improve operational efficiencies in the cement sector.

The company’s combined capacity for FY24 stands at 16.5 million tonnes per annum (MTPA), and its revenue for the same year was ₹6,319.77 crore. UCWL, which is set to be merged, reported a revenue of ₹1,163.59 crore in FY24. JK Lakshmi Cement aims to expand its production capacity to 30 MTPA by 2030 through brownfield and greenfield expansion projects. The company currently has ongoing expansion projects totaling 10.80 MTPA, set for completion by FY27. The merger with these subsidiaries is expected to enhance JK Lakshmi Cement’s position in the industry and boost its growth prospects.

RELATED ARTICLES
- Advertisment -spot_img

Most Popular

Recent Comments

DLF Unveils Premium Homes In Andheri West, Plans Expansion

DLF Unveils Premium Homes In Andheri West, Plans Expansion

0
DLF Ltd. has made a high‑profile return to Mumbai's residential market after a decade with The WestPark, a luxury housing development in Andheri West....
Mumbai: BMC Gets 86 Developer Bids For Slum Redevelopment Plan

Mumbai: BMC Gets 86 Developer Bids For Slum Redevelopment Plan

0
Brihanmumbai Municipal Corporation's (BMC) push for sustainable urban transformation, 86 developers have submitted bids for 47 slum redevelopment projects across Mumbai. These projects span...
Bengaluru Godrej Properties Acquires Land For Large Residential Project

Bengaluru Godrej Properties Acquires Land For Large Residential Project

0
Bengaluru is set to witness significant real estate expansion as Godrej Properties Limited GPL a prominent Indian developer has announced the outright acquisition of...
Greater Noida Unveils 341-Unit Luxury Enclave With Focus On Green Living

Greater Noida Unveils 341-Unit Luxury Enclave With Focus On Green Living

0
Greater Noida is set to witness a new benchmark in ultra-premium housing with the launch of a ₹1,500 crore residential project featuring 341 luxury...
Pune Shapoorji Pallonji Targets Rs800 Crore From New Housing Project

Pune Shapoorji Pallonji Targets Rs800 Crore From New Housing Project

0
In Pune, Shapoorji Pallonji a leading real estate firm has announced the development of a new 5-acre residential project, 'VANAHA Verdant,' with an estimated...