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Sagar Cements is set to sell its 47 per cent stake in the joint venture Vicat Sagar Cement Pvt Ltd to the Vicat Group.
The board of directors of the Hyderabad-based company will consider the sale of its investment in the plant located at Chatrasal, Gulbarga district of Karnataka, at a board meeting on July 15.
According to sources involved in the deal, France-based Vicat is willing to acquire the stake to make it a completely-owned entity.
Sagar cements had invested ₹86 crore in the first phase of the plant with 2.75 million tonnes capacity.
Commercial production commenced in January last year.
The final round of talks on valuation is currently on. Once the board approves the proposal, the shareholders’ approval will be sought through postal ballot. Sagar is hoping to complete the entire transaction by September.
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