The filing went on to add that SMPL would cease to be the wholly-owned subsidiary of India Cements. India Cements said SMPL had a net worth of ₹14.22 crore and that it had a nil turnover in the fiscal year 2021-22. In December 2018, India Cements had said it had entered into a share purchase agreement to buy the entire stake of Springway for a consideration of ₹182 crore. In end-June this year, India Cements said it has completed acquiring the entire paid-up equity and preference shares of Springway.
