Grasim Industries acquire 100 pc equity of Harish Cement

Mumbai, Sept 7 (UNI) Grasim Industries, from the Aditya Birla group has acquired 50,000 equity shares of Rs 10 each, equivalent to 100 per cent of the paid up capital, of Harish Cement at Mandi district in Himachal Pradesh at Rs 20 per share.

With this, Harish Cement has become the wholly owned subsidiary of Grasim Industries, the company said in a notice to the BSE.

However, the acquisition is subject to requisite approvals.

Recently, the Aditya Birla Group (ABG) announced that the company will be forming a 70:30 joint venture company with Hubei Jing Wei Chemical Fibre company in China. The JV will be named Birla Jingwei Fibres and will acquire the existing assets of Jing Wei.

The Aditya Birla group, through its cellulosic fibre companies, viz., Grasim Industries, Thai Rayon and P.T. Indo Bharat Rayon, Indonesia, will hold 70% majority stake in the JV of which Grasim Industries will have a stake of a little over 30%.

The JV agreement signed on September 3rd is subject to the requisite statutory approvals and the consequent transfer of various rights in favour of the JV company.

UNI SN WD NV1818