Ultratech Cement, an Aditya Birla Group company, has decided to throw its hat in the ring to acquire the five lakh tonne Kankesanthurai cement plant in Jaffna that has been closed for more than 17 years.
A delegation from the company was scheduled to meet government officials and plant representatives to chalk out the details over the management of the plant in the troubled northern Sri Lanka region.Holcim and Tokyo Cement have also been said to be eyeing the plant, but they have been deterred by the unrest in the region.
The Kankesanthurai plant, one of the first plants to be built in the island country, is located near rich limestone deposits in the Jaffna peninsula, devastated by hostilities between the Liberation Tigers of Tamil Eelam and government forces.Shares of state-controlled Lanka Cement rose 19 per cent last week, on speculation that the Birla group was interested in the Kankesanthurai plant.
Read more in The Business Standard article.
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