CRH set to acquire cement firm

CRH is understood to be among a group of cement manufacturers (including Lafarge and Italcementi) in the running to acquire Andhra Cements (ACL), the southern India-based cement producer.

News of the deal has been reported by the Indian daily, The Economic Times. The deal is reported to be worth about €44m. If it happens the deal could involve the Goenka group selling its entire 73% stake in the company, acquired 14 years ago.

Any deal is expected to include a follow-on 20% open offer for ACL shareholders. ACL last year posted a net profit of INR74m (€1.1m) on revenues of INR451m (€7m). The group has production capacity of 3m tonnes per annum.