Italcementi acquires full control Zuari Cement, India
Italcementi Group, via Ciments Français, its sub-holding for international activities - has entered into an agreement to acquire the shareholding of Zuari Industries Limited in Zuari Cement Limited, a 50-50 Indian joint venture, for approximately EUR100m.
The Italcementi Group entered the Indian market in January 2001 when it acquired 50% of Zuari Cement which operates a 2 Mt/yr plant in the southern part of the state of Andhra Pradesh in Southern India.
In early 2002, Zuari Cement acquired Sri Vishnu Cement, a company with a 1.2Mta plant located in Sitapuram in the northern part of Andhra Pradesh. In 2005, these companies reported revenues of approximately 100 million euro, gross operating profit of close to EUR12m and operating profit of EUR4m.
Published under Cement News
