Irish building materials provider CRH has reportedly agreed to acquire a controlling stake in Indian cement producer Sree Jayajothi Cements Ltd for an enterprise valuation of nearly Rs 1400 crore.

Sources with direct knowledge of the transaction said that the two sides signed the deal this weekend and that a formal announcement could be made as early as Monday.

The sources also said that CRH would acquire controlling stake in Sree Jayajothi Cements via its Indian subsidiary My Home Industries Ltd.

The Indian company was advised by Indian boutique investment bank Mape on the deal.

Sree Jayajothi Cements' Andhra Pradesh-based plant has an annual production capacity of 3.2 million tones. The plant is situated close to the country's thriving technology focal point at Bangalore.

The cement producer is a subsidiary of the Shriram Group, which has interests in several sectors, including financial, power, infrastructure, real estate and construction.

Dublin-based CRH is said to have beat competition from rival investors like KKR, Holcim and Blackstone Group to acquire a controlling stake in Sree Jayajothi Cements. During the first six months of this year, CHH has made a total of 17 acquisitions.