According to local reports, Chettinad Cement Corporation has increased its stake in Anjani Portland Cement, based in Hyderabad, to 66.08% after acquiring a 17.08% stake through an open offer. The acquisition of Anjani Portland Cement by Chennai-based Chettinad Cement was announced in March 2014. The purchase forms part of the company’s strategy to increase its presence in the Andhra Pradesh market.
In other news, cement producers in Andhra Pradesh and Telangana have reduced cement prices by around Rs.20 per bag, despite insisting that the price could not be reduced to below Rs.335 due to increasing losses and higher prices in surrounding states. The recent reduction has brought the cost per bag down from approximately Rs.315 – 325 to Rs.290 – 305.
Edited from various sources by Rosalie Starling
Read the article online at: https://www.worldcement.com/asia-pacific-rim/24072014/chettinad-cement-increases-stake-in-anjani-portland-167/