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The acquisition comes as a shot in the arm for East Bengal which now has a fair chance of entering this year's Indian Super League (ISL).
The announcement was made in the presence of West Bengal chief minister Mamata Banerjee, who played a key role in helping the club get over the phase of financial difficulty after the club parted ways with Bengaluru-based Quess Corp.
Kolkata-headquartered Shree Cement, amongst the country’s largest cement makers with an annual turnover of approximately Rs 12,000 crore in FY'20, will pick-up a majority stake of 76 % in the club.
“Yes, we have signed papers expressing our intent to acquire the East Bengal Football Club. Other legal formalities will now follow,” said HM Bangur, managing director, Shree Cement Ltd.
While Bangur did not give an exact timeline of the closure of the deal, he said “East Bengal will play this year’s ISL” and all formalities are “expected to be over by that time”.
Moreover, the investments will be made across the board including revamping of the club's operation. The club’s logo and jersey colours - it’s red and yellow pattern - will be retained.
“We are open to different investments in the club,” he added.
East Bengal's association with Quess ended on a sour note earlier this year after the latter pulled out. The club has since then been on the look-out for new investors.
East Bengal's arch-rivals Mohun Bagan has been acquired by Sanjiv Goenka’s RPSG Group’s ATK. Mohun Bagan, now rechristened ATK Mohun Bagan, will be playing in this year's ISL, set to take place in Goa.
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