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Ambuja Cements, a Holcim Group company, has acquired 85 per cent stake in Dang Cement Industries in Nepal for a consideration of Rs 19.13 crore.
With this acquisition, Dang Cement has become a subsidiary, said Ambuja Cements in a press release on Monday.
The company is also in the process of acquiring a further 5 per cent stake for Rs 1.13 crore, it added.
Besides cement manufacturing facilities, Dang Cement holds limestone mining lease in Nepal. At present, the company is not carrying out any business activity. Nepal has an annual cement demand of about 3 million tonnes of which 85 per cent is met through imports. Cement manufacturers in Nepal import clinker from India for cement production. Ambuja Cements is one of the major exporters of cement and clinker in India.
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