Ireland's CRH in talks to buy cement assets in India

Tue Aug 7, 2012 7:10am EDT

Aug 7 (Reuters) - Irish building materials group CRH Plc said it was in talks to pick up an equity stake in Jaiprakash Associates' cement operations in the western Indian state of Gujarat.

Jaiprakash's cement business in Gujarat consists of a 3.6 million tonne clinker plant in western Gujarat and a grinding plant in eastern Gujarat with the capacity to produce 2.4 million tonnes per annum.

Reuters reported in July that CRH was eyeing an expansion in India and was in the race with Ultratech Cement, India's No.1 cement maker, to buy two plants owned by Jaiprakash Associates.

On Monday, Economic Times reported that the Irish company was close to picking up a 51 percent stake in Jaiprakash Associates' cement operations in Gujarat.

Shares in CRH were up 1 percent at 15.66 euros at 1050 GMT on the Irish Stock Exchange. Shares in Jaiprakash Associates were up 2 percent at 77.55 rupees on the National Stock Exchange.

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