Dalmia Cement buys Adhunik Cement for US$106m

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India: Dalmia Cement Bharat, a subsidiary of Dalmia Bharat Enterprises, has signed an agreement to acquire Adhunik Cement for US$106m. The acquisition and consideration will be made in multiple tranches, subject to adjustments and various other terms and conditions.

Adhunik Cement is a joint venture between two Calcutta–based companies, Adhunik Group and MSP Group. Previously the company invested US$133m to set up a 1.5Mt/yr cement plant in the limestone-rich Jaintia Hills in Meghalaya. It also set up a 25MW coal-based captive power plant for the site.

Dalmia Bharat Enterprise is a cement manufacturer with plants in Tamil Nadu and Andhra Pradesh with a capacity of 9Mt/yr. The company is engaged in the business of cement, thermal power and other businesses.

Last modified on 03 October 2012

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