JP Morgan building stakes

JP Morgan building stakes
Published: 07 November 2005

Leading foreign private equity majors such as JP Morgan are interested in acquiring equity stakes in Indian cement companies. Foreign funds are reported to have evinced interest in domestic cement firms such as Andhra Cements, Chettinad Cements and India Cements in the south, and Binani Cements in the north. JP Morgan is reportedly negotiating with Andhra Cements to acquire a 14.9 per cent holding in the company, with the price pegged at Rs35-40 per share. The foreign equity fund had recently picked up 25 per cent stake in Binani Cements for a consideration of Rs250 crore.