Zuari sells cement biz for Rs 600 cr

New Delhi: Zuari Industries Ltd (ZIL), a K.K. Birla Group company, has exited the cement business by offloading its 50 per cent stake in Zuari Cements to its joint venture partner, Ciments Francais (of France), for around Rs 600 crore.

To focus on core business


'The decision of ZIL to sell its stake in cement business is based on the company's business strategy to focus on its core competence in fertilisers and agri-related businesses in India and overseas,' the company said.

ZIL's investment in Zuari Cements, a 50:50 joint venture with Ciments Francais, was to the tune of Rs 213.98 crore.

Zuari Cements currently has an installed capacity of three million tonnes a year.