HeidelbergCement set to take majority stake

HeidelbergCement set to take majority stake
Published: 24 August 2006

HeidelbergCement is planning to take a majority stake in its equal joint venture with India’s IndoRama Cement, the Economic Times reported Thursday, quoting HeidelbergCement managing board member Daniel Gauthier.

"We already have management control of the JV, but would like to acquire a controlling (equity) stake in the company. The board is also deliberating capacity expansion at the plant but that is yet to be decided," Gauthier told the paper.

The joint venture company runs a cement unit at Raigad in western Maharashtra state that has an annual capacity of 750,000t, the report said.