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| HeidelbergCement acquires Mysore Cement HeidelbergCement plans to take over the majority of the Indian cement company Mysore Cement Ltd, in order to gain access to the central and southern Indian markets. Mysore Cement is a publicly listed cement company with integrated cement plants in Damoh (north central India) and Ammassandra (southern India), and a grinding plant in Jhansi (northern India). In the first stage, HeidelbergCement intends to take over a stake of 41.7% by a capital increase. Upon completion of the capital increase, HeidelbergCement plans to acquire an 8.4% stake from Birla Group, Mysore Cement's main shareholder. This acquisition will give HeidelbergCement more than a 50% stake in Mysore Cement. The buying price for this transaction will amount to about USD 100 million. In the last 10 years, the Indian cement market has grown about 8% yearly. After China, India is the second largest cement consumer in the world. write your comments about the article :: © 2006 Construction News :: home page |