HYDERABAD, Oct. 27
In a significant development, Dr. B.V. Raju of the Andhra Pradesh-based Sri Vishnu Cements Ltd (SVCL) and the India Cements group on Wednesday reached a compromise settlement facilitating the latter's takeover of SVCL.
The Vice-Chairman and Managing Director of India Cements, Mr. N. Srinivasan, said under the compromise memorandum, the India Cements group acquired 88.50 per cent of the paid-up capital of SVCL including the disputed 39.50 per cent holding in SVCL held originally by Raasi Cement Ltd at a total cost of about Rs. 115 crores.
"As the acquisition by India Cements and ICL Securities, an India …