The board of directors of Sagar Cements gave an in-principal approval to the company to proceed with the acquisition of BMM Cement.
According to a statement, BMM Cement owns a cement plant of 1 million tonnes/year in Anantapur district in the state of Andhra Pradesh, with a captive power unit of 325MW.
Sagar Cements is seeking to acquire a 100% interest in BMM Cement for INR 5.4 billion (€68.87 million/US$88.50 million).
