India: BMM Cements becomes wholly-owned subsidiary of Sagar Cements

Sagar Cements has acquired 100 per cent equity holding in BMM Cements. With this, BMM Cements has now become a wholly-owned subsidiary of the company.

The company had earlier received final approval for the acquisition of 100 per cent equity stake in BMM Cements, which owns a cement plant of 1Mta and a 25MW captive thermal power plant in Gudipadu near Tadipatri Anantapur District in the state of Andhra Pradesh. The board of directors at their meeting held on 17 October 2014 approved the deal.