Shree Cement Limited, the new investors for East Bengal FC, have registered a new company named ‘Shree Cement Foundation’ with the Ministry of Corporate Affairs on Saturday.
As per sources close to Goal, this new company will be the entity that will pick up the bid proposal for a spot in the Indian Super League (ISL) on behalf of East Bengal.
Football Sports Development Limited (FSDL) have already invited bids for the inclusion of an 11th team in the ISL. The soft bid document must be submitted by September 14th and hard copy by September 17th.
Currently, the company has two directors in Sanjay Mehta and Prakash Narayan Chhangani. But within the next few days, following a meeting between representatives of Shree Cement and the club, additional directors could be incorporated in the board.
Chhangani is already a whole-time director at Shree Cement Limited whereas, Mehta is President (Commercial) at Shree Cement.
The company was founded in Beawar, Ajmer district, Rajasthan, in 1979. Its headquarters is located in Kolkata. It also produces and sells power under the name Shree Power (Captive Power Plant) and Shree Mega Power (Independent Power Plant).
The Chairman of the group is B.G.Bangur and the managing director is H.M.Bangur.
Shree Cement was the second-largest cement company in India (by market cap) in 2018, only behind to Ultra Tech Cement. Their plants are located in Beawar, Ras, Khushkhera, Jobner (Jaipur) and Suratgarh in Rajasthan, Laksar (Roorkee) in Uttarakhand, Panipat in Haryana, Bulandshahar in UP, Raipur in Chhattisgarh, and Aurangabad in Bihar.