Kesoram Industries to restructure businesses, India

Kesoram Industries to restructure businesses, India
27 June 2014

Kesoram Industries, part of the BK Birla Group, has set up a three-member committee of directors to explore options to reorganise its businesses, including the possible hiving off of its cement unit.. Two directors of the committee are independent, the company said.

There has been speculation that Kesoram, which has interests in cement, tyre and rayon businesses, may  merge its cement division with group entity Century Textile's cement business.

The move to realign the company's businesses comes within weeks of Century Textiles (also a BK Birla Group company), announcing it would make a preferential offer of shares to promoter companies of Kumar Mangalam Birla, grandson of BK Birla. With the allotment, the shareholding of Kumar Mangalam Birla's holding companies would rise from 40 per cent to 57 per cent.

Published under Cement News