Economy & Market
JSW Cement eyes buyout of Shiva Cement
JSW Cement is close to buying out the entire 37.15 per cent promoters' stake, including that of ACC which owns 12.65 per cent equity in the Odisha-based Shiva Cement, reports the Business Line newspaper.
JSW Cement is expected to make an open offer to acquire 20 per cent after acquiring majority stake.
An announcement is expected after Shiva Cement's board meeting ends, according to sources quoted in the report.
Shiva Cement has annual production capacity of 1.32 lakh tonnes with plans to expand to 2.6 million tonnes in phases.
Shree Cement has also shown interest to acquire stake in Shiva Cement.
If deal with JSW comes through, it will be the first in the cement industry for this year. The deal also comes at a time when valuations are depressed due to weak demand.