CRH, the international building materials group, said it was in negotiations with Jaypee Cement Corporation to buy a stake in the Indian firm.
The Gujarat operation in the frame consists of a 3.6m tonne clinker plant at Kutch with 2.4m tonnes of cement grinding capacity.
It also includes a further grinding plant in eastern Gujarat with capacity to produce 2.4m tonnes of cement a year.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Jaypee is the third largest cement producer in India with an annual capacity of 28.8m tonnes per annum.
The company has a market capitalisation in excess of 166.4bn rupees - € 2.45bn - and turnover of more than 138.3bn rupees (€ 2.03 bn).
CRH said completion of any transaction would be subject to satisfactory due diligence, the approval of the respective boards of directors and the granting of regulatory approval.
-
Buying a property is cheaper than renting again – how much could you save?News Zoopla research shows it is now 8% cheaper to buy than rent. We reveal the places where you can save more by getting on the property ladder.
-
Is now a good time to invest in India?Should you invest in India? Its market has stood out of the emerging market pack, helped by a growing pool of domestic investors.
