Displaying items by tag: BMM

India: According to the Business Standard, BMM Cements (BCL) plans to raise US$33m from the International Finance Corporation (IFC) to fund its turnaround.

Currently part of Bharat Mines & Minerals group (BMM group), BCL shareholders in November 2014 had agreed to transfer ownership to Sagar Cements Limited (SCL). After the transfer, BCL will become a wholly-owned subsidiary of SCL.

SCL has 2.75Mt/yr of cement capacity spread across two plants in Matampally and Pedaveedu, both in Nalgonda, Telangana. BCL has a 0.95Mt/yr of integrated cement plant in Anantpur, Andhra Pradesh. Due to various internal and external constraints, the capacity utilisation of the plant has been low since inception and it has been incurring losses.

India: Sagar Cements has received final approval for the acquisition of the 100% equity stake in BMM Cements, which owns a 1Mt/yr capacity cement plant and a 25MW captive thermal power plant in Gudipadu, Andhra Pradesh.

India: Sagar Cements is planning to acquire BMM Cements, which has a 1Mt/yr cement factory and a 25MW captive power plant in Andhra Pradesh. Sagar intends to use the US$70.5m it has raised by selling a 47% stake in France's Vicat for the acquisition.

India: The board of directors of Sagar Cements Ltd (SCL) has approved the company's move to acquire a 100% stake in BMM Cements Ltd, which owns a 1Mt/yr capacity cement plant and other assets in Andhra Pradesh. The proposed acquisition will take SCL group's total cement capacity to 3.75Mt/yr from the existing capacity of 2.75Mt/yr.

BMM has an enterprise value of US$88.4m, 155Mt of limestone reserves and a 25MW captive power plant. The deal size is currently unknown, although SCL will take over BMM's debt.
"The proposed acquisition of BMM Cements comes at an opportune time wherein the demand environment and pricing in our region of operations looks encouraging," said Srikanth Reddy, executive director of SCL. "The two companies are wholly complementary geographically, with considerable potential for synergies."