Dalmia Cement to spin off cement, power and refractory businesses
19 Mar 2010
Dalmia Cement (Bharat) Ltd (DCBL) said has yesterdaay unveiled plans to spin off its cement, power and refractory businesses into its unit Dalmia Bharat Enterprises (DBEL), and list it on the stock exchanges by the end of the year.
This restructuring will not affect the sugar making division, which will remain with the parent company DCBL.
DCBL's managing director Puneet Dalmia told reporters today that DCBL shareholders of Dalmia Cement will get one share of the demerged entity for every share held and the date for the transfer is 1 April.
''This will accelerate our growth and increase our fire power," said Dalmia.
Post restructuring, DCBL will become a sugar company and be renamed, while the cement and thermal power business of the company will come under DBEL as two wholly-owned independent subsidiaries, Avnija Properties and DCB Power Ventures.
DBEL will then be a public listed holding company of cement and power businesses.
