India Cements Ltd to trim non-core assets

India Cements Ltd to trim non-core assetsThe India Cements Ltd (ICL), South India's largest cement producer by volume, on Thursday announced its decision to identify and trim its non-core assets.

ICL Vice Chairman & Managing Director N Srinivasan said that the company was evaluating every business it was involved in, and a call would be taken soon.

Speaking on the topic, he said, "They (investors) felt that the company is focusing more on other businesses than cement, which is wrong. Now we have decided to trim the non-cement business activities."

The list of the company's non-core businesses includes a financial services firm, a securities broking company, and a chemicals firm. In addition, the company owns cricket assets in Indian Premier League's (IPL's) Chennai Super Kings brand.

Srinivasan, however, declared that the company's cement and cricket assets in Chennai Super Kings brand were not for sale.

It is worth-mentioning here that Srinivasan recently stepped aside as president of the Board of Control for Cricket in India (BCCI), amid media bashing after the arrest of his son-in-law over alleged links with bookies.

A day after Srinivasan reassured investors about the company's future, stock in ICL gained 3.75 per cent to Rs 67.85 a share on Thursday.