MUMBAI Aug 11 Ireland's CRH, one of the
world's largest building materials providers, is set to buy a
controlling stake in India's Sree Jayajothi Cements Ltd for
about $250-$300 million, two sources with direct knowledge of
the matter told Reuters.
Sree Jayajothi Cements, a unit of India's Shriram Group, has
a 3.2 million-ton cement plant in the southern Indian state of
The deal could be announced as early as on Monday, said the
sources, who declined to be named.
CRH will buy Sree Jayajothi Cements through its Indian unit,
My Home Industries, the sources said.
Shriram Group, which has interests in the financial, power,
infrastructure, construction and real estate sectors, did not
have an immediate comment, while officials at My Home Industries
were not available.
Indian boutique investment bank Mape Advisory advised
Shriram Group on the transaction, one of the sources said.
Shriram Group was said to have had talks earlier with
investors including Blackstone Group and KKR for
selling its stake in the cement business.