Rain Commodities hives off cement business

Rain Commodities hives off cement business
Published: 18 March 2010

India-based Rain Commodities which produces cement, calcined petcoke and power, on Wednesday said it will hive off its cement operations to another subsidiary.

The company’s board has approved "hiving off the cement operations to a wholly-owned subsidiary to enable possible induction of join venture partners in the future and to pursue value-accretive acquisitions," Rain Commodities said in a filing to the Bombay Stock Exchange.