India Cements to divest Indonesian subsidiary PT Adcoal Energindo

India Cements Limited 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 full equity stake in PT Adcoal Energindo, Indonesia. This transaction will result in PT Adcoal ceasing to be a subsidiary and PT Mitra Setia Tanah Bumbu, where PT Adcoal holds a 49% equity investment, ceasing to be an associate of India Cements. The company clarified that PT Adcoal is not a material subsidiary.

The proposed sale consideration is IDR 10,002,720,000, with completion expected within six months from the agreement date of December 2, 2025. The buyers, Finsa Noorcahyo F and Hari Sutikno, are Indonesian citizens and do not belong to the promoter or promoter group of India Cements. This transaction is not considered a related party transaction.

Based on the last financial year (as of March 31, 2025), PT Adcoal contributed 0.50% to India Cements' turnover (IDR 20.72 crore), 0.20% to other income (IDR 0.41 crore), and 0.24% to net worth (IDR 6.48 crore). A previously disclosed SSPA dated July 3, 2025, concerning the sale of PT Adcoal’s investment in MSTB, will not proceed.