India Cements to consolidate its assets

India Cements to consolidate its assets

India Cements is planning to merge with its subsidiary Trinetra Cement and Trishul Concrete Products to consolidate its cement operations. ´We will get the benefit of profitability of Trinetra and improve the performance of India Cements,´ said N Srinivasan, Vice Chairman and Managing Director, India Cements. India Cement owns 61.22 per cent stake in Trinetra Cement of the current paid up capital of Rs 447 crore through the wholly owned subsidiary India Cement Financial Services.

With this merger the total capacity of India Cements will reach 15.8 million tonnes. India Cements has seven integrated cement plants in Tamil Nadu and Andhra Pradesh, one in Rajasthan (through its subsidiary, Trinetra Cement) and two grinding units, one each in Tamil Nadu and Maharashtra.

The company will also be selling large portions of land near their plants in Tamil Nadu and Andhra Pradesh over next 12 months, with an estimated value of Rs 1,000 crore. ´We have identified lands but the valuation is poor and buyers are not available,´said Srinivasan. The company is now looking at developing real estate projects, through its real estate division.

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