Russia’s Akkermann Cement, owned by USM Holding, has acquired the Kaluga Cement Plant for RUB8.95bn (US$110m) at an auction, reports Esmerk Russian News.

Kaluga Cement was declared bankrupt in 2018. The plant was expected to have a capacity of 3.5Mta when commissioned, but the construction works were never completed. To take the project to a successful completion, it is expected Akkermann Cement will have to spend at least RUB30bn.