CRH AGREEMENT TO ACQUIRE CEMENT BUSINESS IN INDIA

RNS Number : 4759L

CRH PLC

12 August 2013

 



 

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12^th August 2013

CRH REACHES AGREEMENT TO

ACQUIRE CEMENT BUSINESS IN INDIA

CRH plc, the international building materials group, announced today that its 50:50 Joint Venture in India, My Home Industries Limited ("MHIL") has reached an agreement to acquire 100% of the shares of Sree Jayajothi Cements Limited ("SJCL"), a 3.2 million tonnes p.a. cement company based in South India for an Enterprise Value of INR14,000 million (€175 million). The investment will be financed from MHIL's existing debt capacity and by equity inputs from the joint shareholders (€ 70 million). CRH's equity interest will amount to approximately €35 million.

With the addition of SJCL, MHIL becomes the market leader in the Andhra Pradesh region of South India and benefits from complimentary market coverage.

CRH in India: CRH entered the Indian market in 2008 with the acquisition of a 50% stake in MHIL, a cement business located in Andhra Pradesh in South India.  MHIL has an annual cement capacity of 4.8 Mtpa from two plants and is the lowest cost producer and a leading player in its market.

Contact CRH at Dublin 404 1000 ([phone])

Myles Lee	Chief Executive
Maeve Carton Frank Heisterkamp	Finance Director Head of Investor Relations

CRH plc, Belgard Castle, Clondalkin, Dublin 22, Ireland TELEPHONE [phone]   FAX [phone]

E-MAIL: [e-mail]    WEBSITE: www.crh.com    Registered Office, 42 Fitzwilliam Square, Dublin 2, Ireland

 

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