Binani Industries to sell cement stake

Binani Industries to sell cement stake
Published: 02 June 2006

India’s second largest zinc producer Binani Industries Ltd. plans to divest a 10 percent stake in subsidiary Binani Cement Ltd to fund the latter’s ongoing expansion project, the company said. Binani said on Thursday the sale to a financial investor would bring down its stake in the cement company to 65 per cent. In September 2005, Binani Industries had sold a 25 percent stake in Binani Cement to a foreign investor.