Azerbaijan Investment Company intends to acquire a 20% stake in Garadagh Cement, the largest cement producer in Azerbaijan.
AIC Deputy Executive Director Riyad Gasimov told APA that the details are under discussion now. Holcim, which acquired the formerly state-owned plant in 1999, has agreed to sell a 20% interest and the agreement will be signed in a few month.
The European Bank for Reconstruction and Development took a 10% equity stake in Garadagh Cement some days ago.
Azerbaijan’s annual need for cement is 2.6mln tonnes, while Garadagh Cement produced over 1.3Mt of cement in 2006.