Birla Corp gains profit
Birla Corporation, the flagship company of the M P Birla Group, reported a net profit of Rs 58.43 crore for the second-quarter ended September 30, 2016 compared with a Rs 23.20 crore net clocked in the year-ago period. Total income declined by 4.3 per cent to Rs 886.75 crore in July-September quarter this fiscal from Rs 927.14 crore during the same quarter in 2015-16. "Pursuant to the share purchase agreement, the company has acquired 100 per cent shares of Reliance Cement Company Pvt Ltd (RCCPL) from Reliance Infrastructure on August 22, 2016 for an enterprise value of Rs 4,800 crore. A sum of Rs 2,161 crore has been paid/deposited towards purchase consideration of shares till September 30, 2016, which may be further adjusted based on terms and conditions of the agreement," Birla Corp said.
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