CRH confirms talks over stake in Jaiprakash Associates' cement operations
BUILDING materials group CRH said it was in talks to pick up an equity stake in Jaiprakash Associates' cement operations in the western Indian state of Gujarat.
Jaiprakash's cement business in Gujarat consists of a 3.6 million tonne clinker plant in western Gujarat and a grinding plant in eastern Gujarat with the capacity to produce 2.4 million tonnes per annum.
Reuters reported in July that CRH was eyeing an expansion in India and was in the race with Ultratech Cement,India's No.1 cement maker, to buy two plants owned by Jaiprakash Associates.
On Monday, Economic Times reported that the Irish company was close to picking up a 51pc stake in Jaiprakash Associates' cement operations in Gujarat.
Shares in CRH were up 1pc at €15.66 today on the Irish Stock Exchange.
Shares in Jaiprakash Associates were up 2pc at 77.55 rupees on the Indian National Stock Exchange.