Ireland's CRH, one of the world's largest building materials providers, is set to buy a controlling stake in India's Sree Jayajothi Cements Ltd for about $250-$300 million, two sources with direct knowledge of the matter told Reuters.
Sree Jayajothi Cements, a unit of the Shriram Group, has a 3.2 million-tonne cement plant in Andhra Pradesh. The deal could be announced as early as on Monday, 12 August, said the sources, who declined to be named.
CRH will buy Sree Jayajothi Cements through its Indian unit, My Home Industries, the sources said.
Shriram Group, which has interests in the financial, power, infrastructure, construction and real estate sectors, did not have an immediate comment, while officials at My Home Industries were not available.
Indian boutique investment bank Mape Advisory advised Shriram Group on the transaction, one of the sources said.
Shriram Group was said to have had talks earlier with investors including Blackstone Group and KKR for selling its stake in the cement business.