Cimpor acquisition Portuguese cement producer buys stake in Indian firm

Cimpor acquisition Portuguese cement producer buys stake in Indian firm
05 December 2007


Cimentos de Portugal said Tuesday it had signed a binding agreement with Grasim Industries to acquire a 53.64 per cent stake in Shree Digvijay Cement, a company listed in the Bombay Stock Exchange.

Under Indian stock market rules, Cimpor will launch a public offer for a further 20 per cent of Shree Digvijay. Cimpor said the sale price of 42.50 Indian rupees per share values the company at €117m.

Shree Digvijay is based in the state of Gujarta. It expects sales this year of 1Mt of cement, with a turnover of €50m. India is now the second biggest cement market in the world.
Published under Cement News