India Cements' wholly-owned subsidiary, PT Adcoal Energindo, Indonesia, has entered into a Share Sale and Purchase Agreement to sell its entire equity investment in PT Mitra Setia Tanah Bumbu, Indonesia.
Upon completion of the sale, PT Mitra Setia Tanah Bumbu will cease to be an associate of the company.
The agreement was entered on 3rd July 2025 and is expected to be completed within 6 months.
The proposed sale consideration is Indonesian Rupiah 2,695,000,000.
As of December 31, 2024, PT Mitra Setia Tanah Bumbu's turnover was ₹93.23 crore, and its net worth was ₹80.74 crore, contributing 1.46% to ICL's net worth.
The buyers are Mr. Finsa Noorcahyo F and Mr. Hari Sutikno, who are Indonesian citizens and do not belong to the promoter/promoter group/group companies.
The transaction is not a related party transaction.