India Cements to demerge Chennai Super Kings into subsidiary

Chennai: India Cements Ltd on Friday announced that it has approved the proposal to demerge its Indian Premier League cricket team Chennai Super Kings into a wholly owned subsidiary.

The Chennai-based cement maker informed BSE that in a board of directors meeting held on Friday it has approved the decision to transfer the net assets of Chennai Super Kings at cost. The effective date of transfer will be 1 January 2015.

India Cements bought the Chennai Super King franchise for $91 million, payable over 10 years in 10 equal instalments since 2008. The team garnered a revenue of ₹ 166 crore in 2013-14.