CRH in talks to acquire Indian cement operation
International building materials group in negotiations to buy assets from Jaypee Cement Corporation
CRH plc have announced that they have entered negotiations with Jaypee Cement Corporation that may lead to the purchase of an equity stake in Jaypee’s cement business in Gujarat, northwestern India.
The Gujarat operation under consideration consists of a clinker plant at Kutch, in western Gujarat, which has 2.4 million tonnes of cement grinding capacity and another plant in eastern Gujarat with a capacity to produce 2.4 million tonnes per annum.
The completion of any transaction would be subject to satisfactory due diligence, the approval of the respective Boards of Directors and the granting of the required regulatory approvals.
Jaypee is the third largest cement producer in India with an annual capacity of 28.8 million tonnes per annum. It has a market capitalization in excess of €2.45 billion and an annual turnover of more than €2.03 billion.
