Sagar Cements is considering plans to sell its 47 per cent stake in the joint venture Vicat Sagar Cement to the France based Vicat Group. Sagar cements had invested Rs 86 crore in the first phase of the plant with 2.75 million tonnes per annum capacity.
The deal will allow Vicat group to own the plant completely. The deal will be put on ballot vote with the shareholders of the company for approval. Once the deal is approved by both the boards of directors and by shareholders, the two companies will move ahead with the handover. Sagar Cements is hoping to complete the entire transaction by September 2014.