India Cements puts off sale

India Cements puts off sale
Published: 28 February 2005

India Cements has decided to defer plans to sell its manufacturing units in Andhra Pradesh flowing a large infusion of funds from overseas investor Asia Debt Management. The company was planning to sell Raasi cement and Visakha Cement, which have a combined capacity of 3.4Mta. The ailing India Cements of Chennai has finalised a deal to raise Rs655 crore through a mix of debt and equity by privately placing different financial instruments with Asia Debt Management of Hong Kong.