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Chennai Feb. 22 India Cements plans to merge Visaka Cement Industries Ltd, an associate company, with itself.

According to information provided by the company to the stock exchange, the board of India Cements will consider the merger at a meeting on February 28.

Visaka Cement Industries, which India Cements acquired in 1997, operates a 1.12 million tonne cement plant at Tandur in Ranga Reddy District, Andhra Pradesh.

Officials said that India Cements plans to integrate Visaka with itself as both companies operate in the same market. Once merged Visaka would contribute to the valuation of India Cements, which it did not as an associate company. The merger would also contribute to a tax efficient structure for the group as a whole and clean up the balance sheet.

Including Visaka, India Cements has a total production capacity of 8.8 million tonnes cement a year, and it has announced plans to expand the capacity to over 10 million tonnes. The capacity is distributed across seven plants - three in Tamil Nadu and four in Andhra Pradesh.

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