Birla: Cement demerger this quarter

Mumbai: Aditya Birla group is planning to complete the process of demerger of Century Textiles's cement division by this quarter said Kumar Mangalam Birla, Chairman, Century Textiles and Industries.

While addressing shareholders at the 122nd AGM of the company here on Tuesday, Birla said during 2018 - 19, a scheme of demerger of the cement divisions of the company and its merger into UltraTech, the largest and one of the most valuable cement producers in India, was approved by the Board of Directors and Shareholders of the Company.

Further, an order from the National Company Law Tribunal (NCLT) has been received recently approving the scheme, he added.

He said that he is confident that the shareholders of the company will reap the benefits of economies of scale in the years to come. The transaction has helped the company in deleveraging its balance sheet, along with the transfer of debt of Rs 3,000 crore, he added.