JSW Cement approves Shiva merger

India’s JSW Cement has approved a proposed amalgamation with its subsidiary Shiva Cement, in which it holds a 66.23 per cent stake.

Under the proposed terms, Shiva’s minority shareholders would receive five JSW Cement shares for every 41 Shiva Cement shares held. Shiva operates a 1.32Mta clinker facility at Sundargarh in Odisha.

The merger would consolidate an existing subsidiary within JSW Cement rather than add new capacity to the group. The scheme remains subject to shareholder, stock-exchange and tribunal approvals.