Sagar Cements to sell 47% stake in Vicat Sagar Cement

India: Sagar Cements plans to sell its 47% stake in the joint venture company Vicat Sagar Cement to Vicat Group. Sagar Cement's board will consider the sale of its investment in the plant located at Chatrasal, Karnataka, at a meeting on 15 July 2014. Sagar Cements had invested US$14.3m in the first phase of the plant with 2.75Mt/yr capacity. Commercial production commenced in January 2013. France's Vicat is willing to acquire the stake to make Vicat Sagar Cement a completely-owned entity. Vicat is hoping to complete the entire transaction by September 2014.