ACC to sell 50% stake in Everest

Associated Cement Companies is set to sell 50 per cent in its subsidiary Everest Industries for about Rs 100 crore (Rs 1 billion).

ACC on Friday informed the stock exchanges that it had entered into a share purchase agreement with Everest Finvest (India), a privately held company, for the sale of 74,00,020 shares, representing 50 per cent in Everest Industries, for Rs 99.16 crore (Rs 991 billion).

AK Jain, executive director, ACC said, "It (Everest Finvest) is an investment company floated by someone to buy ACC's 50 per cent stake in Everest Industries." He, however, did not disclose the identity of the owner of the company.

ACC had failed to sell its 76 per cent stake in its construction subsidiary in January  due to regulatory hurdles.