Agg-Net

The Aggregates & Recycling Information Network
Mobile Menu
From the organisers of
 

CRH to acquire cement business in India

Group’s Indian joint venture to acquire 100% of shares in Sree Jayajothi Cements Ltd

CRH plc’s 50:50 joint venture in India, My Home Industries Ltd (MHIL), has reached an agreement to acquire 100% of the shares of Sree Jayajothi Cements Ltd (SJCL), a 3.2 million tonnes per annum cement company based in South India for an enterprise value of INR14,000 million (€175 million).

The investment will be financed from MHIL’s existing debt capacity and by equity inputs from the joint shareholders (€70 million). CRH’s equity interest will amount to approximately €35 million.

CRH entered the Indian market in 2008 with the acquisition of a 50% stake in MHIL, a cement business located in Andhra Pradesh in South India. MHIL have an annual cement capacity of 4.8 million tonnes per annum from two plants and are the lowest-cost producer and a leading player in their market.

With the addition of SJCL, MHIL will become the market leader in the Andhra Pradesh region and will benefit from complementary market coverage.

Share this page

Tirzah