Irish firm eyes stake in JP Associates cement units
Irish building materials group CRH Plc said it was in talks to pick up an equity stake in Jaiprakash Associates' (JAIA.NS) cement operations in Gujarat.
Jaiprakash's cement business in Gujarat consists of a 3.6 million tonne clinker plant and a grinding plant in eastern Gujarat with the capacity to produce 2.4 million tonne per annum.
A news agency reported in July that CRH was eyeing an expansion in India and was in the race with Ultratech Cement (ULTC.NS), India's No.1 cement maker, to buy two plants owned by Jaiprakash Associates.
The Irish company was close to picking up a 51 per cent stake in Jaiprakash Associates' cement operations in Gujarat.
Shares in CRH were up 1 per cent at 15.66 euros at 1050 GMT on the Irish Stock Exchange. Shares in Jaiprakash Associates were up 2 per cent at Rs 77.55 on the National Stock Exchange.