Anjani Portland Cement to acquire stake in Bhavya Cements

28 May 2021 CW Team

Anjani Portland Cement has entered a share purchase agreement with Bhavya Cements and its promoters for a controlling stake in the equity shares capital of the company at a provisional cost of Rs 51.53 per share.

The purpose of the purchase is to develop the market appearance of the organisation with the joining of a new brand. The takeover would enhance the cement manufacturing potential under the control of the company considerably. With the acquisition, the south Indian cement market, which is the most fragmented in the country with additional capacities, saw another round of consolidation. Key players in the market are Ramco Cements, UltraTech Cements, Chettinad and India Cements.

Some other significant mergers and acquisitions in the south Indian cement market in recent years include JP Associates (5 million tonne (mt)) by UltraTech, BMM (1 mt) by Sagar Cements, Shree Jayajothi (3.2 mt) by My Home and Anjani Portland (1.2 mt) by Chettinad.

Shares of Anjani Portland Cement were last trading in Bombay Stock Exchange (BSE)at Rs 304.85 compared to the previous close of Rs 298.3. The total number of shares sold throughout the day was 97,776 in over 3,342 trades.

Bhavya Cements was founded in 2007, with an aim to produce and market ordinary portland cement, sulphate resisting portland cement, portland cement for the production of railway sleepers, sulphate resisting portland cement, and portland blast furnace slag cement for use in coastal regions. The organisation recorded a turnover of Rs 303.90 crore in FY2019-20.

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Also read: Cement demand to grow 4-7% in FY22: CARE

Also read: Cement demand may surpass 340 mt in FY22: ICRA

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