Emami Group on Thursday said it has entered into a binding agreement with Nuvoco Vistas Corporation Limited, part of Nirma Group, to sell 100 per cent equity in Emami Cement Limited at an enterprise valuation of Rs 5,500 crore.
The promoters of the city-headquartered company have been seeking to pare group-level debt and had initially sought much higher valuation.
Aditya Birla flagship UltraTech, Nuvoco Vistas (formerly Nirma Cement), LafargeHolcim Company and Star Cement were in the race for taking over the 8-million tonne capacity cement business of Emami Group.
Emami Cement operates one integrated plant and three grinding units with a total capacity of around 8.3 million tonnes per annum.
Emami Cement has operation in West Bengal, Odhisa, Chhattisgarh and Bihar.