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India Cements sells Raasi Ceramics to focus on cement

India Cements has transferred the ceramic unit of group company Raasi Cements to Hindustan Sanitaryware and Industries to focus on its core cement business.

Both India Cements and Raasi Cement had at their board meetings in January approved the sale of Raasi Ceramics, the ceramics unit of Raasi Cement, to Hindustan Sanitaryware for Rs 180 million, excluding the net current value of assets.

India Cements had decided last year to exit from all non-cement business to focus on cement. The India Cements group has a production capacity of close to 8 million tonnes. The Raasi Ceramics plant at Hyderabad has a capacity of 500,000 pieces per annum.

Following this acquisition, Hindustan Sanitaryware's share in the Indian ceramic market is expected to go up from 34 per cent to 42 per cent, a statement of India Cements said today.

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