Prism Johnson Ltd is transferring a number of limestone-bearing land parcels in Andhra Pradesh to Ramco Cements Ltd. The land, located in Kalvatla and Kotapadu, comprises 1420 acres. Prism Johnson is also transferring a mining lease granted by the Government of Andhra Pradesh covering 663 acres to Ramco Cements Ltd, reports Realty Plus.
According to Prism Johnson, it originally purchased the land parcels to set up a greenfield cement plant but has subsequently decided that its “current priorities” do not warrant investment in a new plant. The transaction for the land and mining lease is expected to be completed by 31 July.
