Star Cement Limited agreed to acquire remaining 49% stake in Meghalaya Power Limited from Shyam Century Ferrous Limited and other shareholders for INR 450 million.

Star Cement Limited (BSE:540575) agreed to acquire remaining 49% stake in Meghalaya Power Limited from Shyam Century Ferrous Limited (NSEI:SHYAMCENT) and other shareholders for INR 450 million on November 11, 2020. Under the terms, Star Cement will acquire 48.8% stake from Shyam Century and remaining 0.20% stake from other shareholders. For the year ended March 31, 2020, Meghalaya Power generated revenue of INR 1.2 billion.

As of November 11, 2020, Board of Directors of Star Cement unanimously approved the transaction.