Grasim Industries acquires 100 pc equity of Harish Cement

Mumbai, Sep 7 (UNI) Grasim Industries, a Aditya Birla Group company, 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 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 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 Company and will acquire the existing assets of Jing Wei.

ABG, through its cellulosic fibre companies -- Grasim Industries, India, Thai Rayon Public Company, and P.T. Indo Bharat Rayon, Indonesia -- will hold 70 per cent majority stake in the JV of which Grasim Industries will have a stake of a little over 30 per cent.

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

UNI SN MAZ NV1536