Sagar Cements acquires grinding unit from Toshali Cements

Sagar Cements announced the acquisition of a grinding unit owned by M/s Toshali Cements Pvt Ltd for INR600m (USD8.88m).

The assets consist of one grinding unit located at Bayyavaram, Vizag district, Andhra Pradesh with a capacity of 181,500tpa.

Post acquisition, the company proposes to invest INR60m (US$0.89m) to increase the capacity of unit to 300,000tpa. The acquisition will enable the company to save its logistic cost and to introduce slag cement to cater markets in Visakhapatnam, Viziangaram, Srikakulam and parts of Orissa, the company stated.

The transaction is expected to be completed by September 30, 2016, subject to regulatory approvals.