Ambuja buys 85% stake in Nepal's Dang Cement

Mumbai : Ambuja Cements today said it has acquired 85% stake in Nepal's Dang Cement Industries for Rs 19.13 crore. In a stock exchange filing, the domestic cement maker said it was also in the process to acquire an additional 5% stake in the Nepalese firm for Rs 1.13 crore. Related Stories SECTOR UPDATE: Cement Ambuja Cements May output at 17.36 lakh tonne Ambuja Cements seeks more time for AP unit Ambuja Cements seeks more time Ambuja Cements seeks more time to start AP project Dang Cement Industries holds limestone mining lease in Nepal. Limestone is a key raw material for manufacturing of cement.

"At present, the company (Dang) is not carrying out any business activity," the Ambuja statement said. With the acquisition, Dang Cement Industries has become an Ambuja subsidiary. Swiss major Holcim holds more than 50% stake in Ambuja Cements. The global cement major had in 2006 acquired the management control of Ambuja Cements, founded by Narotam Sekhsaria in 1983 with a partner, Suresh Neotia.