Orient Cement to acquire two cement businesses
Published by Jonathan Rowland,
Editor
World Cement,
CK Birla Group’s Orient Cement is to acquire cement business units from Jaypee Group and is seeks to expand its business in India. According to a filing on the Bombay Stock Exchange (BSE), Orient Cement will take a 74% stake in Bhilai Jaypee Cement Ltd (BJCL), as well as buying a complete cement-grinding unit in Nigrie, Madhya Pradesh.
BJCL has a cement production capacity of 2.2 million tpy and a clinker production capacity of 1.1 million t, according to the BSE filing. Orient Cement will pay INR 14.5 billion (US$224.8 million) in cash for the majority stake.
The Nigrie grinding plant has a total production capacity of 2 million tpy. The unit began operations in June 2015 and will be acquired by Orient Cement for a total consideration of INR 4.96 billion (US$76.9 million). The plant is currently part of Jaiprakash Power Ventures.
Read the article online at: https://www.worldcement.com/indian-subcontinent/01062017/orient-cement-to-acquire-two-cement-businesses/
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