# UltraTech subsidiary to sell 92.5% stake in Shandong Binani Rongan Cement for $129M

Krishna Holdings, a subsidiary of UltraTech Nathdwara Cement, will sell its entire 92.5% stake in Shandong Binani Rongan Cement for around $129 million. The buyer is not named.

- Type: Acquisition
- Announced: 2020-07-07
- Where: Shandong province, China
- Value: $129.0M
- Status: announced
- Capacity: 2Mta clinker and 0.3Mta cement
- Products: cement
- Sectors: [Construction Materials](https://endata.com/sectors/construction-materials.md)

## Companies

- [Krishna Holdings](https://endata.com/companies/48426.md)
- [Ultratech Cement](https://endata.com/companies/16256.md) (partner)
- [UltraTech Nathdwara Cement](https://endata.com/companies/48427.md) (partner)
- [Shandong Binani Rongan Cement](https://endata.com/companies/48428.md) (target)

## Sources

- [dailyworld.in](http://dailyworld.in/business/ultratech-arm-to-sell-entire-stake-in-chinese-cement-firm-48876.html), 2020-07-08: "Krishna Holdings will divest its entire shareholding at an enterprise value of RMB 845 million +/- working capital adjustments on closing, equivalent to $120 million (approx)"
- [cemnet.com](https://www.cemnet.com/News/story/169159/ultratech-cement-s-subsidiary-to-sell-entire-stake-in-shandong-binani-rongan-cement.html), 2020-07-08: "Krishna Holdings Pte Ltd, incorporated in Singapore and a subsidiary of the company’s wholly-owned subsidiary UltraTech Nathdwara Cement Ltd, has informed that it has entered into a binding agreement for divesting its entire equity shareholding of 92.5 per cent in Shandong Binani Rongan Cement Co Lt"

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.