CRH, an Irish buildings materials giant, has acquired a 50% stake in Hyderabad-based My Home Industries Limited ("MHIL"), a privately-owned cement company, for Rs 1875 crore.

The Irish company has paid around US$ 235 or Rs 9,414 per tonne. The company had earlier rejected bids valuing its cement operations below $200 a tonne.  

MHIL has three cement production units and is building a separate grinding plant on the coast of Andhra Pradesh.

The company presently produces 3.2 million tons of cement annually, which it plans to increase to 4.2 million when its fourth plant opens next year.

MHIL has strong market positions in central and eastern Andhra Pradesh and completion of the grinding plant will strengthen its position in these markets. Overall MHIL is the number two supplier to the 15 million tonnes Andhra Pradesh market.

CRH's business covers the value chain from primary materials including cement, ready mixed concrete, aggregates, lime and asphalt, through manufactured products to distribution.