Prism Johnson Announces Transfer Of Limestone Land Parcels & Mining Lease In Andhra Pradesh To Ramco Cements

Prism Johnson Ltd. on Saturday announced that the Company is holding a mining lease for limestone in Kalvatla & Kotapadu Villages, Andhra Pradesh and had proposed to set-up a greenfield cement manufacturing plant, the comapny announce through an exchange filing.

As per the filings, over the years, the company has purchased various limestone bearing land parcels in the Kalvatla & Kotapadu villages where the Mining Lease had been granted.

The Board of Directors at its meeting held on Saturday has approved the terms and conditions of the definitive agreements to be executed with The Ramco Cements Limited (‘TRCL’) in relation to sale of certain freehold land parcels aggregating 1420.72 acres approximately (‘Land Parcels’) located in the villages of Kotapadu and Kalavatla, Kolimigundla Mandal, Nandyal District, Andhra Pradesh, along with compensation for release of rights in Government alienated land and pre-operative expenses, interest thereon, etc.

The Board has also approved the transfer of a mining lease granted by the Government of Andhra Pradesh to TRCL over an extent of 663.46 Ha. (‘Mining Lease’) located in the villages of Kotapadu and Kalavatla in Andhra Pradesh.

Prism Johnson Ltd. Shares

The shares of Prism Johnson Ltd. on Friday at 3:30pm IST were at ₹132.90, up by 0.30 percent.