Rain Comm has no plans to exit cement biz

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Rain Comm has no plans to exit cement biz

Rain Commodities Ltd plans to hive off its cement business into a wholly owned subsidiary. An official from the company has said that they had no plans to exit the cement business, reports CNBC-TV18 quoting NewsWire18. However, he did not rule out the possibility of dilute upto 49% in the cement arm sometime later.

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Cement and calcined petroleum coke (CPC) manufacturer Rain Commodities Ltd plans to hive off its cement business into a wholly owned subsidiary. An official from the company has said that they had no plans to exit the cement business, reports CNBC-TV18 quoting NewsWire18. However, he did not rule out the possibility of dilute upto 49% in the cement arm sometime later.

The company plans to set up Calcined Coke unit in Vizag in 2011, the official said, adding it plans to invest USD 100 million in the unit which has a capacity of 4 lakh tonne.

The company is the World's largest producer of CPC with a total capacity of 2.49 million tonne per annum (mtpa). Its current cash reserves and debt stand at USD 70 million and USD 598 million, respectively, he said.