Birla Corporation Limited has said it has invested Rs 100 crore in Reliance Cement Company Private Limited (RCCPL) during the December quarter this fiscal, which became its wholly-owned subsidiary from August last year. The company said that the ongoing efforts to integrate the subsidiary’s operations and realise synergy benefits have already started yielding benefits.
Birla Corporation had acquired 100 per cent equity shares of RCCPL (Reliance Cement) from Reliance Infrastructure for an enterprise valuation of about Rs 4,800 crore. It has started the exercise of re-branding of ‘Reliance Perfect Cement’ brand as ‘MP Birla Perfect Cement’.
In a stock exchange filing, the Kolkata-based cement major said, “During the (third) quarter, the company invested a sum of Rs 100 crore by subscribing to 1 crore preference shares (10 per cent redeemable cumulative preference shares of Rs 100 each), redeemable after expiry of five years, in its wholly-owned subsidiary Reliance Cement Company Private Limited.”