India Cements Capital Ltd

Controlled by the Aruna Sugars Group, India Cements Capital Limited (ICCL), formerly known as Aruna Sugars Finance Limited is a RBI registered Authorized Dealer (Category-II) for money changing activities which includes selling and buying of Foreign Exchange in retail as well as wholesale to/for individuals and corporate clients. The name of the Company was changed from Aruna Sugars Finance Limited to India Cements Capital & Finance Limited and further was changed to 'India Cements Capital Limited' with effect from 29 November 2006. Further the Company is eligible to make outward remittances towards overseas education, medical treatment abroad and other permissible purposes. Company is also one of the Agents of overseas money transfer entities for international inbound money transfer business. The company's offices are at Madras, Bombay, Namakkal, Trichy, Coimbatore, Madurai and Salem. It opened branches in Bangalore, Cochin & Delhi. The fixed deposit programme of the company which was first rated FA- by CRISIL in 1991-92 was upgraded to FAA shortly. In 2006, the Company hived off the Bank Liabilities and the related fund based asset to a Special Purpose vehicle (SPV) viz Unique Receivable Management Private Limited. It converted the subsidiary, Coromandel Insurance Services Limited as a SPV. ICCL is one of the associate companies of The India Cements Limited till 27 July, 2024. The Company is into money changing services, also extends advisory services on forex market to exporters and importers, under the brand name of Midas Advisory and extending comprehensive travel related services like ticketing, hotel bookings, visa processing, etc. The India Cements Limited is a professionally managed company headed by the Promoter, Mr.N. Srinivasan. With cement plants in eight locations, the Company pioneered as the number one player in the Indian Market. The Company tied up with Mecklai & Mecklai, Bombay forex brokers, to manage their broking activities in Madras, for which it entitled to a management fee of 50% of the net profits of the branch. The Company had applied to SEBI to become a category-I merchant banker. The approval from SEBI enabled it to manage public issues and undertake underwriting, portfolio management, etc.