Date:14/05/2006 URL: http://www.thehindu.com/2006/05/14/stories/2006051402881300.htm

Business

KK Birla group exits cement business

Special Correspondent

NEW DELHI: Zuari Industries (ZIL) of the K. K. Birla group has sold its 50 per cent equity stake in Zuari Cements to its joint venture partner, Ciments Francais, for about Rs. 600 crore.

The company has thus made an exit from the cement business.

In a statement issued here on Saturday, the company said the decision to sell its shareholding to the French company was taken at its board meeting held earlier during the day and was based on its strategy of focussing on its core competence in fertilizers and agri-related businesses in India and overseas.

ZIL's investment in Zuari Cements was Rs. 213.98 crore. Zuari Cements at present has an installed capacity of three million tonnes.