Germany’s Heidelbergcement AG is close to buying a stake of around 30 per cent in Mysore Cements Ltd for INR2.5bn, according to local news reports, citing sources close to the development.
Mysore Cement officials declined to comment, according to the report.
In April, senior officials from Mysore Cements said that the company is in talks to sell a part of the stake of the promoters, who are the founders and majority shareholders, to raise funds for debt repayment, the report said, without elaborating.
The promoters, the S.K. Birla family, hold a 24.1% stake in the company .
Source: Economic Times of India