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The board has also approved the transfer of mining lease granted by the Government of Andhra Pradesh by Prism to Ramco Cements, over an extent of 663.46 hectares located in the villages of Kotapadu and Kalavatla, Kolimigundla Mandal, Nandyal District, Andhra Pradesh.
Upon completion of conditions, as per the definitive agreements to be signed, the mining lease and land parcels would stand transferred from Prism to Ramco Cements. The said transaction is expected to be completed by 31 July 2023, subject to customary approvals, if any.
Prism Johnson (PJL) is an integrated building materials company, with wide range of products such as cement, ready-mixed concrete, tiles and bath products. The PJL group currently has four divisions - cement, H & R Johnson (HRJ, tiles business), ready mix concrete and RQBE Gen Insurance Co.
The Ramco Cements (TRCL) is a reputed cement manufacturer in India and markets its products under the Ramco brand. The company also has two modest-scale subsidiaries, Ramco Windfarms (with a 39-MW windmill capacity) and Ramco Industrial and Technology Services (which is into transport services, manpower services and IT).
Shares of Prism Johnson declined 3.13% to Rs 128.50 while The Ramco Cements fell 0.83% to Rs 919.20 on the BSE.
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