Ownership will come at a phased investment of the deal size
Dalmia Cement Bharat, on Friday, said it had acquired Meghalaya-based Adhunik Cement for Rs.560 crore.
“As part of its growth plans, Dalmia Cement Bharat has acquired 100 per cent stake in Meghalaya-based Adhunik Cement. Adhunik Cement has a robust presence in northeastern markets with a near 10 per cent market share and a capacity of 1.5 million tonnes per annum,” it said in a statement.
“Ownership of this business (Adhunik Cement) comes at a phased investment of Rs.560 crore, and follows the non-organic acquisition based growth strategy of Dalmia Cement Bharat.”
In January, Dalmia Cement had acquired 50 per cent stake in Calcom Cement, Assam, for about Rs.238 crore.
Adhunik Cement is a joint venture between the Adhunik Group and the MSP Group, both based in Kolkata, and sells cement under the Adhunik MSP brand. According to Adhunik group’s website, Adhunik Cement has a 1.5 million tonnes per annum 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.