*Cemex *is looking to acquire *Penna Cement *or come in as a strategic investor.
Penna Cement CMD *P Prathap Reddy *has refused to comment, confirmed that the company was looking for a strategic investor and they were talking to a few companies. Cemex has been reportedly looking to enter India through an acquisition but global recession had made fund raising difficult. The promoters hold 100% of Penna Cement. The promoters also have a real estate business. Transaction Note Recently, *Vicat *acquired of 51% stake in *Bharathi Cement*. It is said that the valuation has been in the range of $200 a tonne. Penna Cement has a capacity of 5 mn tpa across three plants in Andhra Pradesh, according to moneycontrol. Cemex is the third largest producer of cement in the world. It does not a have a presence in India unlike *Holcim *and *Lafarge*. *ACC *and *Gujarat Ambuja Cements*, which control 20% of the Indian market, were acquired by Holcim a few years ago. Lafarge has setup its green-field 6.5mn tonne plant in India, but is facing legal hurdles to increase capacity. -- Regards Hardik Shah -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
