Anjani Portland Cement, part of the Chettinad Group, is acquiring a majority stake in Bhavya Cements, which has around 1.4 million tpa of cement-making capacity and annual revenue of more than Rs 300 crore.
Hyderabad-headquartered Anjani Portland Cement will pay a provisional price of 51.53 a share for the stake in unlisted Bhavya Cements. It did not disclose the number of shares being acquired or the total deal value.
Established in 2007, Bhavya Cements is into manufacturing of ordinary Portland cement for railway sleepers, Portland Pozzolana cement, sulphate resisting Portland cement and Portland blast furnace slag cement for use in coastal areas.
Chettinad Cement had acquired 75 percent stake in Anjani Portland in March 2014, from its erstwhile promoters and through an open offer to the public.