Lisbon, Portugal, 5 Dec – Portuguese cement company Cimpor said Tuesday in Lisbon it had acquired 53.64 percent of India’s Shree Digvijay Cement Company, and had committed to launch a bid for a further 20 percent of the company.
“Cimpor Inversiones, signed on this date with Grasim Industries, a contract to acquire 53.64 percent of the capital of Indian company Shree Digvijay, listed on the Bombay stock exchange, whilst simultaneously committing to launch a public bid for a further 20 percent of the company’s capital,” said a statement on the company’s website.
Shree Digvijay, with headquarters in Jamnagar, in the state of Gujarat, has an integrated cement factory with a production capacity of 1.07 million tons, located in Sikka, near the Kutch Gulf, where it makes use of an important set of port facilities.
In the statement the Portuguese cement company added that “the value agreed for this transaction has an implicit enterprise value of 117 million euros.”
With the acquisition of this stake, the Cimpor group “reaches another important market with strong potential growth,” and increases the company’s cement production capacity to 29.5 million tons. (macauhub)