Cemex in talks for Penna stake, India

Cemex in talks for Penna stake, India
Published: 28 April 2010

Cemex is in talks to buy a stake in south India-based Penna Cement, the Times of India reported on Wednesday.

The company has reportedly initiated dialogue with the Hyderabad-based Penna, the newspaper said, quoting unnamed sources.

“We are looking for a strategic partner and are in early stages of discussions with a few people,” Penna Cement chairman P Prathap Reddy told the newspaper, but refused to comment directly on talks with Cemex.

Penna operates three plants in Andhra Pradesh state, with a total capacity of 5Mt, and is in the process of establishing another plant in the state.