Economy & Market
Ambuja Cements purchases 60% equity stake in Dirk India
Ambuja Cements has stated that it has purchased 60% equity stake in processed fly ash manufacturer Dirk India for a sum of Rs 16.51 crore. In a statement to the BSE, Ambuja Cements stated that with this acquisition, Dirk India and Dirk Pozzocrete have turned into arms of the company. Dirk Pozzocrete is the company's arm, which is based in the state of Maharashtra. The equity stake was purchased from the Dirk India's promoters. Ambuja Cements added that the company has daily processed fly ash fabrication capacitance of 2,500 tonne. "During the financial year 2010-11, the Dirk generated sales revenue of Rs. 55.40 crore and earned EBITDA of Rs. 6.8 crore," Ambuja added. In the year 2001, Dirk India had got a 30-year deal for the exclusive recycling of all Pulverised Fuel Ash from Nashik Thermal Power Station of the Maharashtra State Electricity Board.