India Cements has decided to demerge Chennai Super Kings (CSK), an IPL franchise and a division of the company, into a wholly-owned subsidiary.
The company stated, "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."
India Cements addedd that CSK has helped the company build its brand image across the country. CSK won the IPL in 2010 and 2011 and the Champion League in 2010. CSK clocked a revenue of Rs 166 crore in 2013-14 and has sponsors like Aircel, Gulf Oil, and GST Global. Since 2013, CSK is also organising CSK Super Cup , a multi-sport inter corporate tournament.
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