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Dalmia Cement to restructure in four parts
Dalmia Cement plans to restructure the firm in four parts and list them eventually, reports CNBC-TV18, quoting agencies. It plans to raise USD 100 million by March via 20-25% stake sale in unit.
Dalmia Cement plans to restructure the firm in four parts and list them eventually. It will also announce a restructuring plan by March, wherein four companies will house each of its four businesses -- cement, sugar, power and refractory.
Dalmia Cement will raise USD 100 million by March through stake sale in subsidiary Dalmia Cement Ventures, its managing director said on Thursday. "We have been talking to private equity players and we think we can make an announcement this quarter," Puneet Dalmia said, adding the fund will be used to set up a 5 million tonne cement plant.
The company has raised its stake in OCL India to 45.4%, from 21.7% earlier, through inter-se transfer in an all cash deal. It has bought 13.46 million shares, or 23.66%, in OCL at Rs 131.83 per share, according to data from BSE.
Dalmia's current cement output was at 9 million tonnes, while OCL's output was at 5.3 million tonnes, a statement issued by Dalmia Cement said. The deal would help raise Dalmia Cement's footprint in eastern India, it added.
It has an installed capacity of nine mtpa, which the company plans to enhance by another 18-20 million tonne over the next 10 years.
Dalmia Cement controls sizeable crushing capacities for sugarcane at 22,500 tonne per day. The company has seen a steady increase in its sugar output and realisations over the past five years, with the company marketing 1,62,000 tonne of sugar in 2008-09 (75,000 in 2004-05).
In a recent interview to CNBC-TV18, Puneet Dalmia and Gautam Dalmia said they were targeting USD 10 billion in sales by 2015. Both brothers are pursuing an aggressive growth strategy.
