India’s SreeJayajothi Cements bought by CRH for INR 14bn

Since taking over the reins at CRH in January, Albert Manifold has concentrated on getting on with managing the business. This, understandably, has meant that the group chief executive of Ireland’s biggest company, with its global interests, has spent much of his first six months in office travelling extensively. The diversified international building materials group was informed, formed through a 1970 merger of two leading Irish public companies, Cement Limited, established in 1936, and Roadstone, establis

Building materials group CRH has been told to sell its stake in Secil to its joint venture partner, Portuguese industrial holding company Semapa. Secil is a Portuguese manufacturer of cement and ready-mixed concrete, and since October 2009, when CRH last made an announcement on this matter, CRH and Semapa have been engaged in arbitration proceedings to resolve disagreements between them. This culminated in an award by an Arbitral Tribunal in Paris, France, functioning under the Rules of Arbitration of the I

In India, Birla Corp will buy the cement business of Reliance Infrastructure (R-Infra) for INR 48 billion (€652.78 million/US$707.03 million).

R-Infra will use proceeds from the sale to pare its debt, and it aims to be a debt-free company on completion of the deal by March 2017.

Under the deal, Birla Corp will acquire the units of Reliance Cement at Kundangting, MP and Maihar. The deal values Reliance Cement at US$140 (€129.26) per tonne, as it has an installed capacity of almost 5.1 million tonnes/ye