ACC to divest unit to Ghadiya Group for Rs. 20 cr.

The cement major has divested its non-operational wholly-owned subsidiary, National Limestone Company, to N.G. Ghadiya Group.

ACC executed a share purchase agreement (SPA) with N.G. Ghadiya Group on 18 November 2020. The transaction is expected to close in next four weeks from signing of the SPA. ACC has received a consideration of Rs. 20 crore from the disposal.

N.G. Ghadiya Group is engaged in the business of construction and mining.

Shares of ACC fell 0.21% to Rs. 1,681.15 on BSE.

The cement major's consolidated net profit jumped 20.3% to Rs. 363.85 crore on 0.1% rise in net sales to Rs. 3,467.50 crore in Q3 September 2020 over Q3 September 2019.

ACC, a member of the LafargeHolcim Group, is one of India's leading producers of cement and ready mixed concrete.

BS