May 2008
M T W T F S S
« Apr   Jun »
 1234
567891011
12131415161718
19202122232425
262728293031  

Contact us

Irish firm buys 50 pc stake in My Home

CRH, an Irish building materials company, bought a 50 per cent stake in the Hyderabad-based cement manufacturer My Home Industries (MHIL) for Rs 1,875 crore. The Irish company paid about $235, or Rs 9,414 a tonne, according to a Kotak Mahindra Bank executive who advised on the transaction. It had earlier rejected bids valuing its cement operations below $200 a tonne. MHIL has a production cement capacity of 3.2 million tonnes and plans to expand this to 4.2 million tonnes by 2009. Industry analysts said the sale price is higher compared to the prevailing market valuation of $150 a tonne for a cement plant in India. Holcim, the world's largest cement maker, paid $200 a tonne for buying Ambuja Cements in 2005, while Cimpor paid $162 a tonne for Shree Digvijay Cement in 2007. Samba Shiva, director finance and commercial, MHIL, confirmed the sale, but declined to give further details. [...]