JSW Cement Ltd has approved a scheme to merge its listed subsidiary Shiva Cement Ltd with the company, creating a unified cement business under the JSW Group.

Under the approved arrangement, JSW Cement will issue 5 equity shares of face value Rs 10 each for every 41 equity shares of face value Rs 2 each held in Shiva Cement.

The merger is aimed at consolidating the two businesses and creating operational, financial and management synergies across the cement platform.