Sagar Cements to file plan for acquiring Andhra Cements soon

11 Aug 2022 CW Team

Sagar Cements will submit a resolution plan for acquisition of Andhra Cements before August 18, and expects to get the necessary clearance for the deal by October.

The directors of Hyderabad-based Sagar Cements had on July 20 approved a proposal to submit a resolution plan in respect of the corporate insolvency resolution process initiated by the Hyderabad Bench of National Company Law Tribunal (NCLB) on an application filed in respect of Andhra Cements Ltd, a ‘corporate debtor’.

“We are filing the resolution plan and cannot reveal much for now,” Sreekanth Reddy. Joint Managing Director, Sagar Cements, told a newspaper. According to industry sources, the deal size could be around Rs 14 billion.

On the timeline, Reddy said, “The resolution plan needs to be submitted before August 18, we should get all the clearances somewhere around end of September to early part of October. So, from whatever little diligence we have done, it looks like it might need about three-months for maintenance before we can start.”

Andhra Cement has 1.65 million tonne capacity for clinker and 1.8 million tonne for grinding at the integrated plant in Dachepalle in Guntur, and 0.8 million tonne grinding capacity in Visakhapatnam.

Sagar Cements had production capacity of 8.25 million tonnes as of end- March 2022. It has targeted achieving 10 million tonnes capacity by FY25.

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