Shree completes acquisition of Jaiprakash grinding unit, India

Shree Cement has completed the acquisition of a cement grinding unit of Jaiprakash Associates in Haryana state, India.

“The acquisition of a 1.5Mta cement grinding unit of Jaiprakash Associates Ltd, situated at Panipat, has been consummated on April 27, 2015 for an aggregate consideration of INR358.22 crore,” Shree Cement said in a filing to the Bombay Stock Exchange yesterday.

Completion of the acquisition takes Shree Cement’s capacity to 19Mta, with facilities in Rajasthan, Uttarakhand, Bihar and Haryana.

The Competition Commission of India had cleared the deal in September 2014, noting that post-transaction Shree Cement’s market share would increase by three per cent to 26 per cent.