The Hindu : Andhra Pradesh News : Irish company picks up 50 p.c. stake in My Home group

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Friday, Mar 21, 2008
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Andhra Pradesh

Andhra Pradesh

Irish company picks up 50 p.c. stake in My Home group

Special Correspondent

HYDERABAD: CRH Group, a US $ 20-billion Irish company, has picked up 50 per cent of stake in My Home Industries Ltd (MHIL), a city-based privately-held company for a consideration of US $ 456 million (approximately Rs. 1,840 crore).

The Dublin-based CRH group will pick up 42 per cent of the promoter’s stake for approximately Rs. 1,340 crore, and invest Rs. 500 crore in the My Home Industries towards the remaining eight per cent.

Cement plants

The My Home Industries has three cement plants at Mylacheruvu in Nalgonda district with a capacity of 3.2 million tonnes.

The company also owns a million-tonne slag cement grinding unit at Visakhapatnam, which is set to become operational in October.

The joint venture, formed between My Home Industries and the CRH Group proposes to launch a three million-tonne cement plant at Dachepally in Guntur district, according to company sources.

The enterprise value of My Home Industries is estimated at Rs. 3,300 crore, the company sources maintained.

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