CRH buys Sree Jayajothi Cements

CRH buys Sree Jayajothi Cements

Materials producer CRH Cements in India has acquired 3.2 million tonne per-year cement producer Sree Jayajothi Cements for Rs 1,400 crore (US$ 233 million). CRH entered the Indian market in 2008 with the acquisition of 50 per cent stake in My Home Industries (MHIL), a cement business located in Andhra Pradesh.

The joint venture's acquisition of Sree Jayajothi, also in Andhra Pradesh, will be financed from MHIL's existing debt and US$ 93 million equity. CRH's equity interest will amount to US$ 46.6 million. With the addition of Sree Jayajothi, CRH said that MHIL would become the market leader in the Andhra Pradesh region, benefitting from complimentary market coverage

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