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.