UltraTech Cement's subsidiary to sell entire stake in Shandong Binani Rongan Cement

India’s UltraTech Cement has announced that its Krishna Holdings subsidiary will sell its entire stake in Shandong Binani Rongan Cement Co for a value of US$120m.

"Krishna Holdings Pte Ltd, incorporated in Singapore and a subsidiary of the company’s wholly-owned subsidiary UltraTech Nathdwara Cement Ltd, has informed that it has entered into a binding agreement for divesting its entire equity shareholding of 92.5 per cent in Shandong Binani Rongan Cement Co Ltd," stated the company.

Shandong Binani Rongan Cement Co was founded as a joint venture between Binani Cement and Rizhao Rongan Construction Materials Co in 2007. It has 2Mta clinker and a 0.3Mta cement capacity in Shandong province, China. The company was taken over by UltraTech as part of its larger acquisition of Binani in 2018.