CRH set for stake in India business

CRH has confirmed it has entered into discussions with India’s Jaypee Cement Corp regarding the purchase of an equity stake in the business in Gujarat province.

Speculation grew last month about the Dublin-headquartered building materials giant holding exploratory talks with Jaypee — India’s third largest cement producer.

Reports on Monday in India’s leading business publication, the Economic Times, suggested CRH is looking to spend around €600m on a 51% stake in the Gujarat business, which consists of two cement plants with a total capacity of 4.8m tonnes.