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Grasim Industries, an arm of Aditya Birla, has mentioned that it will be demerging its cement business into wholly-owned subsidiary Samruddhi. This step comes as a part of the restructuring plans of the firm.
"In a proposed restructuring, we (Grasim Cement) would like to demerge our cement business into Samruddhi Cement, a 100 per cent subsidiary of Grasim," said the Grasim's Whole-Time Director and Chief Financial Officer Adesh Gupta, in a press conference on Monday.
He also mentioned that Samurddhi will soon be listed ion BSE and will later on be merged with its UltraTech Cement.
"The next natural and desired step after demerger will be the consolidation of Samurddhi and UltraTech, subject to the deliberation of the respective boards," Gupta said. With the demerger being completed, Grasim will hold 65% stakes in Samruddhi with its shareholders forming the rest 35%.
The demerger of Grasim Cement is likely to be completed in the last quarter of this fiscal, he said.
