French cement maker, Vicat has made announcement that the company has entered into a joint venture agreement with Sagar Cements to build a $625 million cement plant at Gulbarga in the Indian state of Karnataka.
In the joint venture named Vicat Sagar, Vicat will hold 51 percent shares, and Sagar Cmenets will hold 49 percent.
Further, Viscat will also acquire 6.6 percent stake in Sagar Cements.
While lecturing on the deal, Dr Anand Reddy, joint managing director of Sagar Cements said, “this transaction gives us the opportunity to expand our scale and size and consequently strengthen our competitive position. We also look forward to leverage on Vicat's high degree of experience and expertise in fields like waste fue; and product development.”
