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JK Cement buys assets of Nihon Nirman for Rs 42 cr
With reference to the article that appeared on Moneycontrol.com on January 31, 2007, JK Cement Limited has clarified that it has bought only the production facilities of Nihon Nirman through an auction, and not taken over the entire company.
With reference to the article that appeared on Moneycontrol.com on January 31, 2007, JK Cement Limited has clarified that it has bought only the production facilities of Nihon Nirman through an auction, and not taken over the entire company. The production facilities were auctioned off by Industrial Development Bank of India as Nihon had defaulted on its loans to the financial institution, JK Cement said in its clarification.
Following is the corrected version of the story:
JK Cement has acquired the production facilities of Nihon Nirman Ltd from IDBI for Rs 42 crore. The produce from the 3 to 3.5-lakh tonne plant, will be sold in the northern markets where the company enjoys a strong presence.
Currently the Company has two Grey Cement plants at Nimbahera and Mangrol with an aggregate installed capacity of 4 million tons and is one of the top five producers of grey cement in the northern region.
