Prism Johnson, a Hyderabad-based building material company, has approved the transfer of limestone-bearing land parcels in Kalvatla and Kotapadu villages in Andhra Pradesh, aggregating to 1,420.72 acres, over to Ramco Cements Ltd.

Prism Johnson will also transfer a mining lease granted by the government over to Ramco Cements for an area of 663.46 hectares of land in the above-mentioned village.

Prism Johnson has purchased the limestone-bearing land parcels to set up a greenfield cement manufacturing plant. However, it has decided to transfer these land parcels and the mining lease to Ramco Cements as their current interests don’t align with their current investment plan.

The transaction is likely to be completed by July 31.

Ramco Cements said they are constantly looking for limestone reserves for its cement manufacturing operations and have managed to secure these from Prism Johnson.

Prism Johnson shares have gained 28% on a Year to date basis, whereas Ramco Cements shares are up by 31% over the same period.