Chettinad Cement to Buy Anjani Portland for nearly Rs. 360 crore.

Chennai-based Chettinad Cement is in the final stages of buying out A.P based Anjani Portland Cements for an enterprise value between Rs. 360 to Rs. 380 crore rupees, two sources familiar with the development told ET NOW.

'The deal will trigger an open offer as per Sebi norms and is likely to be struck at around Rs. 65/share. An announcement is likely this week,' one of them said. Motilal Oswal has acted as the advisor to the deal.

Post the deal, the promoters of Anjani Portland Cements are likely to exit the cement business while Chettinad Cement, a strong player in Tamil Nadu and Karnataka will enter Andhra Pradesh, sources added. The deal will also give Chettinad Cement access to the nearby Odisha market.

Chettinad Cement has 3 integrated plants in Tamil Nadu at Puliyur, Karikkali and Ariyalur and is setting up one more cement plant at Kallur, Karnataka. It has an annual cement capacity of over 11.5 million tonnes in Tamil Nadu alone and plans to add about 15 mt by 2015.


ET