Heidelberg to acquire 51% stake in India's Mysore Cement

< P align = justify > International cement giant Heidelberg will acquire a 51% stake in India's Mysore Cement. Mysore Cement said it would sell 66 million shares to Heidelberg at 54 rupees per share. While Heidelberg will bid publicly for another 20% stake in Mysore Cement at Rs 58 per share.

< P align = justify > "We will sell 66.5 million shares to Heidelberg at a preferential price of Rs 54 per share," Mysore Cement's MD NL Hamirwasia said in a statement accompanying the announcement. In this way, we will get a total of Rs 33.5-34 billion, which can be used to wipe out the debt.

< P align = justify > Hamirwasia also said that Heidelberg would soon expand its production capacity in India to 10 million tons. "They (Heidelberg) want to consolidate their market position in India and achieve an annual capacity of 10 million tons as soon as possible," he said. I think they will eventually integrate their companies in India.

< P align = justify > Heidelberg responded that in the first phase, it would buy a 41.7% stake in Mysore Cement through a capital increase. After that, it will acquire another 8.4% from Mysore Cement parent Birla Group. < BR > (Please indicate the source for reprinting by China Cement Net)