Oman’s largest cement manufacturer Raysut Cement Company is planning to invest about $700 million (nearly Rs 5,000 crore) in India by 2022.
Out of the $700 million, the company has earmarked $200 million to acquire majority stakes in two Indian cement producers. The acquisitions will happen in the first quarter of calendar 2019, said a BusinessLine report.
It quoted Raysut Cement Chief Executive Officer Joey Ghose as saying: “We are in discussions to invest in two existing cement companies, one of them in Chhattisgarh and the other in Gujarat,s coastal region.”
He added: “We will invest a total of $200 million in these two companies by the first quarter of calendar 2019 and acquire a controlling stake of about 75 per cent.” The moves will help the company move upstream and become a manufacturer of cement in India.
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