Dalmia Cement acquires Adhunik Cement for Rs 560 cr
Dalmia Cement Bharat Ltd today said it has acquired Meghalaya based Adhunik Cement for Rs 560 crore.
September 28, 2012 / 15:34 IST
Dalmia Cement Bharat Ltd today said it has acquired Meghalaya based Adhunik Cement for Rs 560 crore.
"As part of its growth plans, Dalmia Cement Bharat Ltd has acquired 100 per cent stake in Meghalaya-based Adhunik Cement. Adhunik Cement has a robust presence in markets of the North East with a near 10 per cent market share and a capacity of 1.5 million tonnes per annum (MTPA)," it said in a statement.The company added, "ownership of this business (Adhunik Cement) comes at a phased investment of Rs 560 crore and follows the non-organic, acquisition based growth strategy of Dalmia Cement Bharat Ltd."In January this year, Dalmia Cement had acquired 50 per cent stake in Calcom Cement, Assam for about Rs 238 crore.Adhunik Cement is a joint venture between Adhunik Group and MSP Group, both based out of Kolkata and sells cement under 'Adhunik MSP' brand.According to Adhunik group's website, Adhunik Cement has a 1.5 MTPA manufacturing facility in the Jaintia Hills, Meghalaya and a 25 MW captive power plant.Dalmia Cement Bharat Ltd is a leading domestic cement manufacturer and is a subsidiary of Dalmia Bharat Enterprises Ltd.Shares of Dalmia Bharat Enterprises were trading at Rs 167 apiece on the BSE in the late afternoon trade, up 11.93 per cent from the previous close. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
