India Cements to Demerge Chennai Super Kings Into Subsidiary

The company had successfully bid for the Chennai franchise in 2008 for $91 million. The amount will be paid over a ten year period.

updated: September 23, 2014 20:51 IST
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The presence of big names in the Chennai Super Kings team - like captain MS Dhoni - has given the side exposure on and off the field.

Chennai: Cement major India Cements on Tuesday said it would demerge the Chennai Super Kings (CSK) division into a wholly-owned subsidiary.

In a statement filed with the Bombay Stock Exchange (BSE), the company said: "Our company presently owns Chennai Super Kings (CSK) - BCCI-IPL Franchise 20/20 Cricket Tournament Team. We propose to demerge the said CSK Division to a wholly-owned subsidiary of our company."

The company said the demerger proposal has been included for consideration of the board of directors slated for Sep 26.

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