Emami Group agrees to sell cement unit to Nuvoco Vistas

India’s Emami Group has announced the sale of its 8.3Mta cement business to Nuvoco Vistas (Nirma Group), with the move valued at INR55bn (US$770.56m).

"We are very proud of Emami Cement’s achievements in a short span of time and we strongly believe that in Nuvoco, we have found the right acquirer who will be able to develop the business further in the interest of all the stakeholders," said Manish Goenka, director of Emami Group.

Emami Cement operates an integrated cement plant and three grinding units across Chhattisgarh, Orissa, Bihar and West Bengal. The sale also includes the assets and mining leases on 300Mt of limestone deposits that are expected to last for 60 years.

The transaction is expected to be completed within the next 3-4 months.