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.
-
RICS: Housing market continues to strengthen but 2025 could be challengingThe latest survey by the Royal Institution of Chartered Surveyors reports a resilient UK housing market, but warns of headwinds next year
-
Bitcoin price one of the most-asked questions on Alexa - here's how to buy the cryptocurrencyAccording to figures from Amazon, which cover September 2023 to November 2024, pop star Taylor Swift and Bitcoin were named among the most popular Alexa queries of 2024
