The India Cements Limited to Sell Entire Stake in Indonesian Subsidiary PT Adcoal Energindo

The India Cements Limited announced on December 2, 2025, that its subsidiaries, PT Coromandel Minerals Resources (Indonesia) and Raasi Minerals Pte. Limited (Singapore), have signed a Share Sale and Purchase Agreement (SSPA) for the sale of their entire stake in PT Adcoal Energindo, a step-down subsidiary based in Indonesia.

Upon completion of this transaction within six months, PT Adcoal will no longer be a subsidiary of The India Cements Ltd. Consequently, PT Mitra Setia Tanah Bumbu (MSTB), an associate entity wherein PT Adcoal holds a 49% stake, will also cease to be associated with the company.

The sale consideration is approximately IDR 10,002,720,000 (Indonesian Rupiah), and the buyers, Mr. Finsa Noorcahyo F and Mr. Hari Sutikno, are Indonesian citizens unrelated to the promoter group, ensuring an arm’s length transaction.

This divestment is part of The India Cements’ strategy to optimize its portfolio and focus on core business areas while ensuring regulatory compliance. PT Adcoal is not a material subsidiary nor listed on any stock exchange, minimizing operational impact.

Key Highlights

Sale of entire equity in PT Adcoal Energindo by subsidiaries of The India Cements Ltd.

Transaction finalized through Share Sale and Purchase Agreement on December 2, 2025.

Sale consideration approximately 10 billion Indonesian Rupiah (IDR).

Buyers are independent Indonesian citizens; not related to promoter group.

PT Adcoal’s exit removes association with MSTB (49% equity owned by PT Adcoal).

PT Adcoal is not a material subsidiary and unlisted on stock exchanges.

Transaction falls outside any related party transactions and Scheme of Arrangement.

Completion expected within six months, reflecting strategic portfolio rationalization.

Source: The India Cements Limited official disclosure dated December 2, 2025