Cemex is reportedly close to buying the cement business of Murli Industries for about US$550m the Economic Times reported today, reporting that Cemex had made the offer after several months of due diligence. The price was still being negotiated and the final figure would depend on the outlook for cement prices.
Murli Industries has a 3Mta plant in the western Indian state of Maharashtra. The company also plans to build two more cement plants with capacities of 3Mta.
The investment-banking unit of Indian brokerage Motilal Oswal is advising Murli Industries along with Macquarie Capital, while Bank of America-Merrill Lynch is advising Cemex, the paper said.