Shree Cement Limited, one of India’s largest cement manufacturers, has today signed an Asset Purchase Agreement with StarCrete LLP, a limited liability partnership registered in Mumbai, to acquire five (5) operational RMC plants, under an Asset Purchase Agreement, having an aggregate capacity of 422 CUM/hr at an aggregate consideration of ₹33.50 Crore. These plants are located in high growth RMC markets of Mumbai Metropolitan Region (MMR).
With this asset purchase, the Company has announced its foray into the RMC business. The
strategic location of the RMC plants will facilitate entry into key construction projects in MMR and help in growth of the RMC business of the Company.
The Company is actively working on setting up greenfield RMC plants at different locations. By end of March-24, the Company also aims to mark its greenfield footprint in RMC business.
Speaking on this occasion, Mr. Neeraj Akhoury, Managing Director of Shree Cement Ltd, said, “Strategic foray into RMC segment is a step ahead in our vision to become a multi-product company centered around core cement business. RMC offers an exciting opportunity as the segment is expected to clock healthy growth future driven by government push for large infrastructure projects and a boom in housing construction. Utilizing our capabilities in the cement segment, we will aim to deliver superior-quality environment friendly RMC products to our customers for meeting their evolving needs.”