Dalmia Bharat acquires Adhunik Cement for R560 cr

Written by Press Trust of India | New Delhi | Updated: Sep 29 2012, 09:17am hrs
Dalmia Cement Bharat on Friday said it has acquired Meghalaya-based Adhunik Cement for R560 crore.

As part of its growth plans, Dalmia Cement Bharat has acquired 100% stake in Meghalaya-based Adhunik Cement. Adhunik Cement has a robust presence in markets of the North East with a near 10% market share and a capacity of 1.5 million tonnes per annum (MTPA)," it said in a statement.

The company added, "ownership of this business (Adhunik Cement) comes at a phased investment of R560 crore and follows the non-organic, acquisition based growth strategy of Dalmia Cement Bharat."

In January this year, Dalmia Cement had acquired 50% take in Calcom Cement, Assam for about R238 crore. Adhunik Cement is a joint venture between Adhunik Group and MSP Group, both based out of Kolkata and sells cement under Adhunik MSP brand. According to Adhunik group's website, Adhunik Cement has a 1.5 MTPA manufacturing facility in the Jaintia Hills, Meghalaya and a 25 MW captive power plant.

Dalmia Cement Bharat is a leading domestic cement manufacturer and is a subsidiary of Dalmia Bharat Enterprises.

Shares of Dalmia Bharat Enterprises were trading at R167 apiece on the BSE in the late afternoon trade, up 11.93 % from the previous close.