Mumbai: The Emami group on Thursday said the ₹5,500 crore sale of its cement business to a Nirma group company has not fallen through and the transaction is still on, subject to regulatory approvals.
Emami had entered into a binding agreement on 6 February with Nuvoco Vistas Corp Ltd (part of the Nirma group) for the divestment of its 100% equity stake in Emami Cement Ltd for an enterprise value of ₹5,500 crore.
Emami said that it had received queries regarding the possibility of the deal not progressing further against the backdrop of the covid-19 pandemic. "We would like to clarify that the queries raised on the completion of the proposed transaction are completely speculative and incorrect.