India Cements to demerge CSK into subsidiary
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India Cements, the company owner of Chennai Super Kings, has decided demerge the CSK division into a wholly-owned subsidiary. CSK is currently controlled by the sidelined BCCI president and current ICC chairman N Srinivasan. India Cements will however, continue to own the franchise which means the authority in control will not be affected.
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. Accordingly, we have included this proposal for consideration of the Board of Directors of our Company at the ensuing meeting on September 26, 2014."
The company had successfully bid for the Chennai franchise in 2008 for $91 million. The amount will be paid over a ten year period. For the June ended quarter this fiscal, the company had posted a loss of Rs 2.96 crore on a net sales of Rs 1,226.24 crore.
CSK are not the first IPL franchise to get demerged. Mumbai Indians and Royal Challengers Bangalore are owned by subsidiaries of Reliance Industries and UB Group respectively.
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. Accordingly, we have included this proposal for consideration of the Board of Directors of our Company at the ensuing meeting on September 26, 2014."
The company had successfully bid for the Chennai franchise in 2008 for $91 million. The amount will be paid over a ten year period. For the June ended quarter this fiscal, the company had posted a loss of Rs 2.96 crore on a net sales of Rs 1,226.24 crore.
CSK are not the first IPL franchise to get demerged. Mumbai Indians and Royal Challengers Bangalore are owned by subsidiaries of Reliance Industries and UB Group respectively.
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