Economy & Market
Chettinad Cement to buy Anjani Portland Cements
Chettinad Cement is a strong player in Tamil Nadu and has three integrated plants at Puliyur, Karikkali and Ariyalur. The company boasts of an annual cement capacity of over 11.5 million tonne (mt) and aims to add about 15 mt by 2015.The company is in final stages of acquiring the Andhra Pradesh-based Anjani Portland Cements. The deal value is between Rs 360 crore to Rs 380 crore as per news reports. Motilal Oswal has acted as advisor to the deal. The company is setting up one more cement plant at Kallur, Karnataka. Anjani Portland Cements currently has Rs 222 crore debt. The company has an integrated cement plant at Nalgonda, Andhra Pradesh with a capacity of 1.2 million tonnes per year.