M&A

M&A

Sagar Cements to acquire Andhra Cements for Rs.922-Cr

Business Line  

The Amravati Bench of the National Company Law Tribunal (NCLT) has approved a proposal of Sagar Cements to acquire Andhra Cements for INR 922 crore This acquisition would add 2.6 million tonnes (mt) of cement and 1.65 mt of clinker capacities to Sagar Cements. Sagar currently has a production capacity of 8.25 mt and targets to reach 10 mt capacity by FY25. Sagar Cements' board has approved an additional capital outlay of INR 470 crore for the enhancement of Andhra Cements' capacity by 1.2 mt and clinker production by 0.6 mt by second half of FY25. Accordingly, the total capex stands at INR 1400 crore.