Shree Cement Limited have invested in East Bengal after buying majority stakes in the club.
The new investors are set to push the Kolkata giants' bid to play in the Indian Super League (ISL), from the 2020-21 season. West Bengal CM Mamata Banerjee has already stated that the club will play in the ISL.
East Bengal has been pushing for a spot in the ISL for a while now and will now approach the ISL authorities after having sorted their financial issues.
"I want to thank Arup Biswas (Minister of Public Works and Youth Services & Sports of West Bengal) and Tarun Jhunjhunwala (Chief Executive, Reliance) who have constantly supported us during our fight. I also want to thank the representatives of Shree Cement who are present here today," Debabrata Sarkar said.
Shree Cement is an Indian cement manufacturer 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.
East Bengal's previous investor was Quess Corp Limited who claimed a 70 per cent stake in the club. But they called it quits and ended their joint venture with East Bengal in July by executing a termination of the Share Subscription and Shareholder’s Agreement. Subsequently, the sporting rights were handed over to the club.
East Bengal were on the lookout for an investor ever since as they looked to follow Mohun Bagan into the ISL. Though it seemed unlikely at one point, the Red and Golds have managed to find an investor and boost their ISL hopes.