Dalmia Cement buys Adhunik Cement for Rs560 crore
28 Sep 2012
Dalmia Cement Bharat Ltd today said it has acquired Meghalaya-based Adhunik Cement for Rs560 crore.
"As part of its growth plans, Dalmia Cement Bharat Ltd has acquired 100 per cent stake in Meghalaya-based Adhunik Cement'', the company said in a release.
''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)," the company said, adding, "ownership of this business comes at a phased investment of Rs560 crore and follows the non-organic, acquisition-based growth strategy of Dalmia Cement Bharat Ltd."
In January this year, Dalmia Cement acquired 50 per cent stake in Calcom Cement, Assam, for about Rs238 crore.
Adhunik Cement is a joint venture between Adhunik Group and MSP Group, both based in Kolkata, and sells cement under 'Adhunik MSP' brand.
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.