Indian cement major UltraTech Cement has announced it will be divesting its entire 92.5 percent stake in China's Shandong Binani Rongan Cement Co.
Shandong Binani Rongan Cement Co. Ltd, was founded as a joint venture between India's Binani Cement and Rizhao Rongan Construction Materials Co in 2007 with a 70:30 equity structure. It has a 2 million tonne per annum clinker and a 0.3 million tonne per annum cement capacity in the Shandong province of China.
The company came under the control of UltraTech after it acquired Binani Cement in November 2018 for Rs 7,950 crore.
Krishna Holdings Pte. Ltd, incorporated in Singapore and a subsidiary of the Company's wholly-owned subsidiary UltraTech Nathdwara Cement Ltd. has an equity shareholding of 92.5 percent in Shandong Binani Rongan Cement Co. Ltd.
UltraTech has an overall capacity of 102.5 million tonne per annum of grey cement with 20 integrated plants, 1 clinkerisation plant, 26 grinding units and 7 bulk terminals.
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