Shiva Cements informed the exchange that it sought to setup a cement grinding unit with capacity of 1.0 MTPA by Bhushan Power and Steel Limited at their premises at Sambalpur, Odisha.
Shiva Cements will have the right to subsequently acquire the said unit including the right to use the relevant portions of the underlying land parcel on which the said cement grinding unit is to be set up, for an aggregate purchase consideration of up to INR 380 crores.
The transaction will require approval from IDCO (Odisha Industrial Infrastructure Development Corporation), to grant to the right to use the relevant portions of the underlying land parcel on which the said cement grinding unit is to be set up.
The transaction is expected to be completed by 30th September 2025, subject to receipt of governmental and regulatory approvals.