India: Sagar Cements has won the auction to acquire Andhra Cements from Jaiprakash Associates (Jaypee Group), a company currently undergoing an insolvency process. The committee of creditors of Andhra Cements voted to approve the sale, although the amount of the bid has not been disclosed, according to the Press Trust of India. Dalmia Cement (Bharat) was also reportedly made a bid for the cement producer.
Andhra Cements operates an integrated plant at Durga and a grinding plant at Visakhapatnam in Andhra Pradesh. It was previously acquired by Jaypee Group in 2012 from Duncan Goenka Group.
Sagar Cements wins auction to buy Andhra Cements
Written by Global Cement staff
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