Chettinad purchases shares in Anjani Portland

Chettinad Cement Corporation Ltd has purchased approximately 20.58% of shares of Anjani Portland Cement Ltd from shareholders.

Chettinad Cement has reportedly acquired 3784.014 shares through off market purchase for a price of INR61.75/share (US$1.05).

Chettinad Cement, based in Chennai, India, announced its plans to acquire Anjani Portland Cement, based in Andhra Pradesh (AP), in March 2014. The purchase forms part of the company’s strategy to increase its presence in the AP market, situated on India's southeastern coast.

Anjani Portland operates two plants in the Nalgonda district, Andhra Pradesh, with a production capacity of 1.2Mta, and plans are also in place for the construction of a greenfield unit in Karnataka.