Ambuja Cements buys controlling stake in Nepal's Dang Cement
Ambuja Cements Ltd has acquired an 85 per cent stake in Nepal's Dang Cement Industries for Rs19.13 crore. Dang Cement founded in 2003 holds limestone mining lease for cement grade limestone deposit located in the hill ranges of Mahabharat in the adjoining area of the Purandhara Village Development Committee (VDC) of Dang district and the Kavra and Laxmipur VDCs of Sallyan district in the mid-western development region of Nepal. Dang Cement plans to install and operate a 1.2 million tonne per annum capacity cement plant in two phases near the foothill of the deposit at Purandhara in Dang valley. In a stock exchange filing, the domestic cement maker said it was also in the process of acquiring an additional 5 per cent stake in the Nepalese firm for Rs1.13 crore.