Shares of Heidelberg Cement were up nearly 3% at Rs 36.20 on the BSE after the company announced the sale of its cement grinding unit to JSW Steel for an undisclosed amount.
Heidelberg Cement has sold its s 0.6 million tonnes per annum (mtpa) cement grinding facility in Raigad, Maharashtra, to JSW Steel "as a going concern on slump sale basis" for an undisclosed sum
On October 5, 2013, JSW Steel has executed a "Business Transfer Agreement with Heidelberg Cement India for the acquisition of the grinding facility in Raigad, Maharashtra, as an ongoing concern on slump sale basis, JSW Steel said in a release to the BSE.
The transaction will be completed only after obtaining all relevant approvals required under applicable laws, the release said.
Over 15,000 shares were traded so far on both the stock exchanges.