Galilei to form JV with Heidelberg for cement project in Angola
According to international media reports, Portuguese group Galilei plans to form a joint venture with German group HeidelbergCement to set up a cement plant in Angola.
Galilei has reportedly begun preliminary work on the Cimentos Nacionais Angola (CNA) project, which may involve an investment of $370 million.
HeidelbergCement, which is one of the world's biggest cement companies, is expected to provide part of the funds for the project. The remaining amount may be secured by both the Galilei group and Angolan partners.
The partnership may start building the plant this year. The new cement plant is designed to have an initial installed capacity of 2 million ton of cement per year. The Galilei group, which was founded in 1999, is focused on investing in a diverse range of sectors with capacity to build up the Portuguese economy.