India Cements Ltd. said recently it has agreed to acquire Springway Mining for a total consideration of Rs. 1.82 billion to set up a cement plant in Madhya Pradesh.

"Our company has entered into a share purchase agreement on October 28 for acquiring the entire shareholding of Springway Mining Pvt Ltd., in a phased manner, for a total consideration of Rs. 1.82 billion (Rs. 182.89 crore) with an objective of setting up of a cement plant in Madhya Pradesh," the company said in a BSE filing.Springway Mining is involved mainly in mining and quarrying business while India Cements is a leading cement manufacturer in the country.

India Cements has reported a 20.46 per cent drop in its standalone net profit at Rs. 210.3 million during the first quarter of the 2018-19 fiscal on poor sales.

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