India Cements has announced that its wholly-owned subsidiaries, PT Coromandel Minerals Resources and Raasi Minerals Pte. Limited, have entered into a Share Sale and Purchase Agreement (SSPA) to sell their entire equity investment in PT Adcoal Energindo, Indonesia. The sale, for a consideration of IDR 10,002,720,000, will result in PT Adcoal ceasing to be a subsidiary of India Cements. A prior agreement to sell PT Adcoal’s stake in MSTB has been terminated.
Subsidiary Stake Sale
India Cements, through its subsidiaries PT Coromandel Minerals Resources, Indonesia, and Raasi Minerals Pte. Limited, Singapore, has divested its complete equity investment in PT Adcoal Energindo, Indonesia. This move was formalized through a Share Sale and Purchase Agreement (SSPA).
Details of the Transaction
Upon completion of this sale, PT Adcoal will no longer be a subsidiary of India Cements. Consequently, PT Mitra Setia Tanah Bumbu (MSTB), in which PT Adcoal holds a 49% equity investment, will no longer be an associate company of India Cements.
The sale consideration for this transaction is IDR 10,002,720,000 (Indonesian Rupiah ten billion two million seven hundred twenty thousand). The deal is expected to be completed within a period of 6 months.
Prior Agreement Terminated
The company also announced that the Share Sale and Purchase Agreement (SSPA) dated July 3, 2025, to sell its entire equity investment in MSTB has been terminated. Parties have decided not to proceed further with the said agreement.
Counterparties Involved
The buyers are Mr.Finsa Noorcahyo F and Mr.Hari Sutikno, both Indonesian citizens.
Impact on Revenue
The turnover contributed by PT Adcoal was ₹20.72 Crore which is 0.50% of the company turnover. The Net Worth contributed by the entity was ₹6.48 Crore which is 0.24% of the company’s Net Worth for the last financial year. The other income contributed was ₹0.41 Crore which is 0.20% of the company’s other income.
Source: BSE
