Sagar Cement is looking for a strategic partner and currently, the company is in talks with Orascom for stake sale. Orascom is an Egyptian company which has cement capacity of over 25 mtpa. While, Sagar Cement has capacity of 0.5 mtpa.Management of Sagar Cement says that they are in talks with international players but they can't divulge details. Sagar cement promoters currently hold 52% stake after warrant conversion. The initial phase of talks with Orascom remained inconclusive. Orascom is a leading cement producer & telecom company active in Emerging Markets. The subsidiaries of Orascom are in Egypt, with capacity of 10 mtpa and Algeria, with capacity of 5 mtpa. The company is expecting total capacity to increase to 39 mtpa by 2009. Blackstone Group had bought 1 million shares of Sagar Cement at Rs 190 per share and is a big investor in the company. Carlyle, IFC had also shown interest in picking up the stake in Sagar Cement.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment