French cement firm Vicat to buy more stakes in Indian cos
France's Vicat group is considering more acquisitions in India for organic and inorganic growth after acquiring cement facilities and joining hands with local players for joint ventures, the company source said.
Vicat group, which had 2.3 billion euros in revenue last year, in April 2010 acquired a 51 per cent stake in Bharathi Cement of a politician YS Jagan Mohan Reddy. Before that it had joined hands with Hyderabad-based Sagar Cements for 53 per cent stake in a joint venture.
The joint venture's 2.75 million tonne a year plant in Gulbarga in Karnataka commenced operations recently and the Vicat group now has 7.75 million tonne of capacity in the country, Vicat's India marketing head M Ravinder Reddy said.