China Resources Cement has entered into a two-year framework agreement with Zhihai Group Co Ltd to establish a joint venture.
The new venture intends to acquire clinker production lines with a capacity of around 1.55Mta, cement grinding lines with amounting to around 4.3Mta and concrete batching plants with a total capacity of about 5.8Mm3.
China Resources will hold the majority interest of the joint venture. It is expected that the acquisition of the assets/business will be completed by the end of 2013. (Source: ET Net News Agency)