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| Photo Credit: Bijoy Ghosh
Ramco Cements Ltd. (RCL) mentioned it has entered right into a definitive settlement with Prism Johnson Ltd. for acquisition of 1,420.72 acres of the latter’s limestone bearing lands positioned in Nandyal district of Andhra Pradesh for an undisclosed sum.
In addition, Prism’s board had additionally permitted transferring of the mining lease granted by the Andhra Pradesh Government to RCL. The mining lease extends to greater than 663.46 hectares.
The transaction is anticipated to be accomplished by July 31, Ramco Cements mentioned in a regulatory submitting.
Prism mentioned that it had proposed to set-up a greenfield cement manufacturing plant in AP. However, the current priorities didn’t warrant an funding in organising of the plant and therefore the corporate mentioned it opted for monetisation of the asset.
RCL mentioned it was making steady efforts to accumulate limestone reserves for its cement manufacturing operations. In this connection, it had recognized limestone bearing lands belonging to Prism in Andhra Pradesh.
