JK Cement Ltd on Monday said it will acquire a 100 percent stake in Toshali Cements Private Ltd for Rs 157 crore, in order to expand its footprint into the eastern region.

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"...the Board of Directors in its meeting held early today has accorded in-principle approval to sign/execute a Share Purchase Agreement with The Shareholders and also with Toshali Cements Private Ltd for the acquisition of 100% Equity Shareholding from all the existing shareholders of Toshali," according to an exchange filing.

JK Cement said the company has empowered the committee of directors to do the needful once the conditions are achieved. After the acquisition, Toshali will become a subsidiary of the company.

At present, Toshali Cements has two manufacturing units. One unit is located at Ampavalli, Koraput district of Odisha, which has a clinker capacity of 0.33 MTPA and grinding capacity of 0.198 MTPA.

The second one is a grinding unit located at Choudwar, Cuttack district of Odisha, which has an annual cement production capacity of 0.435 MTPA.

The transaction is subject to necessary statutory and regulatory approvals.

(Edited by : Pradeep John)

First Published:Jun 5, 2023 11:12 PM IST