Anjani Portland to acquire controlling stake in Bhavya Cements

India’s Anjani Portland Cement has entered into a share purchase agreement for the acquisition of a controlling stake in Bhavya Cements, at a price of INR51.53/share (US$0.7/share).

The objective of the deal is to improve the market presence of the company through the addition of a new brand, according to Anjani Portland.

Bhavya currently operates around 1.4Mta of cement capacity and has annual revenues in the region of INR3bn.