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All you need to know about East Bengal’s new investors Shree Cement

All you need to know about East Bengal’s new investors Shree Cement
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By

The Bridge Desk

Published: 2 Sep 2020 5:12 AM GMT

After months of speculation, East Bengal FC are set to announce Shree Cement as their new investors after severing ties with Quess Corp.

The century old club now is expected to make the announcement before Friday, 4th September, to have a real shot at entering the Indian Super League (ISL) in the 2020-21 season. The Bridge can confirm that it is more or less a done deal and it is only a matter of time before everything is made official.

Shree Cement Shree Cement

East Bengal have been in talks with a number of corporates with hopes of playing in the ISL in the upcoming season. However, until now, none of the talks had materialised and it seemed that the club’s and the fans’ dreams of featuring in the country’s top division would have to be postponed for at least one more season.

Kolkata-based Shree Cement, run by Benu Gopal Bangur, however, seems to have come to their rescue and is expected to yield East Bengal's ticket to the ISL. Shree Cement Ltd is one of India's premier cement makers and the 3rd largest cement brand in the country.

Currently, its manufacturing operations are spread over North and East India across six states. Its current installed capacity stands at 34.9 million tonnes. The company is an energy conscious and environment-friendly business organization. They have three brands under their portfolio namely Shree Ultra Jung Rodhak Cement Bangur Cement and Rockstrong Cement.

https://twitter.com/whynotkundu/status/1300877833842032640

The company's 65% share is owned by the Bangur Family — Benu Gopal Bangur is 14th Richest man in Indian, according to Forbes 2019. The company incorporated in 1979 is headquartered in Kolkata with roots from Ajmer in Rajasthan. Their production and generation plants are located in Rajasthan, Uttarakhand, Haryana, UP, Chhatisgarh and Bihar.

The organisation had an annual turnover of Rs 12175.62 crore in the financial year 2019-20 and was ranked 122 in the Economic Times' list of India's biggest companies.

According to the several reports, Shree Cement will own somewhere around 75-85% per cent of the stake at East Bengal and the rest will be owned by the club.

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