CRH In Negotiations To Cement Assets In Gujarat
|Ireland based CRH plc, the international building materials group, announces that it has entered negotiations with Jaypee Cement Corporation (Jaypee) that may lead to the purchase by CRH of an equity stake in Jaypee’s Gujarat cement business.
The Gujarat operation under consideration consists of a 3.6 million tonne clinker plant at Kutch, in western Gujarat, with 2.4 million tonnes of cement grinding capacity and a further grinding plant in eastern Gujarat with 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.
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The Jaypee Group is a leading diversified infrastructure conglomerate based in Noida, India. It was founded by Jaiprakash Gaur in 1979 and has business interests in Engineering & Construction, Power, Cement, Real Estate, Hospitality, Expressways and Sports & Education. Jaypee is the third largest cement producer in India with an annual capacity of 28.8 mtpa. The Jaypee Group has a market capitalisation in excess of INR 166.4 bn (€ 2.45 bn) and turnover of more than INR 138.3 bn (€ 2.03 bn).
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