Trinetra shareholders give green light for merger

Trinetra shareholders give green light for merger
31 March 2015

Shareholders of Trinetra Cement Ltd have approved the scheme of amalgamation and arrangement between the company and Trishul Concrete Products Ltd with India Cements.

“The Scheme was duly approved by the Secured Creditors of the Company with requisite majority,"
the company said in a filing to stock exchanges.

India Cements announced in May last year that as part of restructuring, it planned to merge its subsidiary Trinetra Cement Ltd and sell land near its plants in Tamil Nadu and Andhra Pradesh.

N Srinivasan, vice chairman and managing director of India Cements, said that the company wants to consolidate its cement operations and the merger of Trinetra Cement Ltd and Trishul Concrete Products with India Cements will bring operations under one company.

"We will get the benefit of profitability of Trinetra and improve the performance of India Cements," he said, adding that post-merger India Cements total capacity will reach 15.8Mta.

Published under Cement News