Holcim, CRH vie to buy stake in Shriram's cement unit
CRH Plc and Swiss cement and aggregates giant Holcim are in talks with the Shriram Group to purchase a controlling stake in Sree Jayajothi Cements (SJJCL), which owns a 3.2-million-tonne cement plant in Andhra Pradesh, signalling interest by overseas companies in the Indian cement market, sources said.
CRH Plc is an Irish building material maker. The negotiations, which were revived recently, are still preliminary, said two people familiar with the development.
T Shivaraman, Managing Director and Chief Executive of Shriram Engineering and Procurement Company, which owns SJJCL, says that his company has been on the lookout for a partner for quite some time, and had several discussions with different players both strategic and financial. The Shriram group, which owns India's largest truck financing company Shriram Transport Finance, has also sounded out private equity funds KKR and Blackstone about the sale.