Paris-based Vicat has announced an agreement with Y S Jagan Mohan Reddy and other shareholders to acquire 51% stake in Bharati Cement.
According to a release issued by Vicat today, Bharati Cement operates a cement plant of two lines in Andhra Pradesh that will reach a total annual capacity of five million tonne at the end of 2010.
Y S Jagan Mohan Reddy, an MP, is the son of former Andhra Chief Minister Y S Rajasekhara Reddy who died in an air crash last year.
Vicat has already established a joint venture company in India with Sagar Cements to build a greenfield cement plant in Gulbarga, Karnataka to produce 5.5 million tonne of cement.
The Vicat Group operates in three core lines of businesses, cement, ready mix concrete and aggregates, and has over 6,700 employees in 11 countries.
Source: Bloomberg UTV