CRH has announced that its 50:50 joint venture in India, My Home Industries Limited (MHIL) has reached an agreement to acquire 100 per cent of the shares of Sree Jayajothi Cements Limited (SJCL), a 3.2Mta cement company based in south India for INR14,000m (EUR175m).
The investment will be financed from MHIL’s existing debt capacity and by equity inputs from the joint shareholders (EUR70m). CRH’s equity interest will amount to approximately EUR35m.
With the addition of SJCL, MHIL becomes the market leader in the Andhra Pradesh region of south India and benefits from complimentary market coverage, the Ireland-based building materials major said in a statement.
