Krishna Holdings (Krishna), incorporated in Singapore and a subsidiary of the company’s wholly-owned subsidiary UltraTech Nathdwara Cement has entered into a binding agreement for divesting its entire equity shareholding of 92.5 percent in Shandong Binani Rongan Cement Company.
In terms of the agreement, Krishna will divest its entire shareholding at an enterprise value of RMB 845 million +/- working capital adjustments on closing, equivalent of approximately USD 120 million subject to customary closing conditions and regulatory approvals in compliance with local laws.