Sources have said that CRH Plc, an Ireland-headquartered cement manufacturer, wanted to acquire Sree JayaJothi Cements. Sree JayaJothi Cements is cement business unit of the US$9 billion Shriram Group. CRH is a building materials enterprise with businesses in around 36 countries. In 2011 alone, CRH had net sales of more than US$18 billion which came from operations across Europe, the United States, and emerging markets.
"The deal is likely to be announced soon and CRH Plc is set to buy the target through its joint venture partner MyHome Industries Ltd, an AP-based cement manufacturing company. The enterprise value of Sree JayaJothi Cements has been pegged at around INR1,500 crore," a person close to the plans told media.
Shriram EPC is a high-end engineering services provider. The company serves several segments like water infrastructure, mining, and power. The firm has a 38.43% stake in the Shriram Group while a group of venture capital players and private equity funds hold 41.61% collectively. The private equity and venture capital firms include UTI-IAS, Bessemer Venture Partners, Argonaut Ventures, and New Vernon Private Equity.
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