New Delhi, Jun 21 (PTI) India Cements Ltd (ICL), owned by the Aditya Birla group, on Saturday said it will sell its subsidiary Industrial Chemicals and Monomers to Mirai Sensing.
The board of the company has approved the sale with a consideration of Rs 97.68 crore, ICL said in a regulatory filing.
"Upon completion of the said sale, ICML would cease to be a subsidiary," ICL said.
The company shall enter into an agreement with Mirai Sensing Pvt Ltd, the proposed buyer, upon finalisation of terms, it said.
It expects the sale to be completed within six months from the date of the agreement.
UltraTech, the country's leading cement maker, in December last year acquired the promoter's stake in the south-based cement maker.
Consequently, ICL had become a subsidiary of UltraTech Cement with effect from December 24, 2024. PTI KRH TRB
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