Puneet Dalmia, managing director of Dalmia Cement, has said the company is close to raising USD 100–200 million by diluting 10-15% stake in the company and is in talks with various foreign institutional investors (FIIs), reports CNBC-TV18.
Additionally, he said, the company was also looking to offload stake in Dalmia Cement Ventures, a wholly-owned subsidiary, to about four-five private equity players.
Gautam Dalmia, the joint managing director, said there were no listing plans for the subsidiary, for the next 12 to 18 months.
On cement prices, he said the current volatility was expected and that prices have recovered from November lows and had bounced back 10%.
Cement demand, he said, would continue to grow but added the company was being cautious for the next two years.
“We are also looking at acquisitions in the south for our sugar business and talks are on,” he said.
The group’s other plans included looking at solar power space in Gujarat and especially, Ahmedabad.
“We will add 90MW of power, of the 160 MW commission and an IPO for the power business is a possibility,” he said.
Source: Money Control